Short Line Railroad Rehabilitation and Investment Act of 2013

Short Line Railroad Rehabilitation and Investment Act of 2013 - Amends the Internal Revenue Code, with respect to the tax credit for railroad track maintenance, to: (1) expand the types of maintenance expenditures eligible for such credit, and (2) extend such credit through 2016.

[Congressional Bills 113th Congress]
[From the U.S. Government Publishing Office]
[S. 411 Introduced in Senate (IS)]

113th CONGRESS
  1st Session
                                 S. 411

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


_______________________________________________________________________


                   IN THE SENATE OF THE UNITED STATES

                           February 28, 2013

  Mr. Rockefeller (for himself, Mr. Crapo, Mr. Wyden, and Mr. Moran) 
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. SHORT TITLE.

    This Act may be cited as the ``Short Line Railroad Rehabilitation 
and Investment Act of 2013''.

SEC. 2. 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, 2014'' and inserting 
``January 1, 2017''.
    (b) Expenditures.--Subsection (d) of section 45G of the Internal 
Revenue Code of 1986 (relating to qualified railroad track maintenance 
expenditures) 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, 2013, 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, 2012, railroad track (including roadbed, 
                bridges, and related track structures) owned or leased 
                as of January 1, 2013, 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) Effective Date.--The amendments made by this section shall 
apply to taxable years beginning after December 31, 2012.
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