A bill to amend the Internal Revenue Code of 1986 to extend and modify the railroad track maintenance credit.

Amends the Internal Revenue Code to: (1) increase the allowable amount of the railroad track maintenance tax credit; (2) revise the types of expenditures eligible for such credit; and (3) extend such credit through 2013.

[Congressional Bills 112th Congress]
[From the U.S. Government Publishing Office]
[S. 100 Introduced in Senate (IS)]

112th CONGRESS
  1st Session
                                 S. 100

  To amend the Internal Revenue Code of 1986 to extend and modify the 
                   railroad track maintenance credit.


_______________________________________________________________________


                   IN THE SENATE OF THE UNITED STATES

             January 25 (legislative day, January 5), 2011

  Mr. Ensign introduced the following bill; which was read twice and 
                  referred to the Committee on Finance

_______________________________________________________________________

                                 A BILL


 
  To amend the Internal Revenue Code of 1986 to extend and modify the 
                   railroad track maintenance credit.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. EXTENSION AND MODIFICATION OF RAILROAD TRACK MAINTENANCE 
              CREDIT.

    (a) Extension of Credit.--Section 45G(f) of the Internal Revenue 
Code of 1986 is amended by striking ``January 1, 2012'' and inserting 
``January 1, 2014''.
    (b) Expenditures.--Subsection (d) of section 45G of the Internal 
Revenue Code of 1986 is amended by striking ``for maintaining'' and all 
that follows and inserting ``for maintaining--
                    ``(A) in the case of taxable years beginning after 
                December 31, 2004, and before January 1, 2011, railroad 
                track (including roadbed, bridges, and related track 
                structures) owned or leased as of January 1, 2005, by a 
                Class II or Class III railroad (determined without 
                regard to any consideration for such expenditures given 
                by the Class II or Class III railroad which made the 
                assignment of such track), and
                    ``(B) in the case of taxable years beginning after 
                December 31, 2010, railroad track (including roadbed, 
                bridges, and related track structures) owned or leased 
                as of January 1, 2011, by a Class II or Class III 
                railroad (determined without regard to any 
                consideration for such expenditures given by the Class 
                II or Class III railroad which made the assignment of 
                such track).''.
    (c) Credit Limitation Adjustment.--Subparagraph (A) of section 
45G(b)(1) of the Internal Revenue Code of 1986 is amended by striking 
``$3,500'' and inserting ``$4,500''.
    (d) Effective Date.--The amendments made by this section shall 
apply to taxable years beginning after December 31, 2010.
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