BRACE Act of 2019

Building Rail Access for Customers and the Economy Act of 2019 or the BRACE Act of 2019

This bill permanently extends the tax credit for railroad track maintenance. The extension applies to expenditures paid or incurred during tax years beginning after 2017. Assignments of miles of railroad track, including related expenditures, for tax years beginning on or after January 1, 2018, and before January 1, 2019, must be treated as effective as of the close of such taxable year if they are made pursuant to a written agreement entered into within 90 days of the enactment of this bill.

[Congressional Bills 116th Congress]
[From the U.S. Government Publishing Office]
[S. 203 Introduced in Senate (IS)]

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116th CONGRESS
  1st Session
                                 S. 203

 To amend the Internal Revenue Code of 1986 to permanently extend the 
       railroad track maintenance credit, and for other purposes.


_______________________________________________________________________


                   IN THE SENATE OF THE UNITED STATES

                            January 24, 2019

Mr. Crapo (for himself, Mr. Wyden, Mr. Roberts, Mr. Schumer, Mr. Thune, 
 Ms. Stabenow, Mr. Isakson, Mr. Casey, Mr. Inhofe, Mr. Blumenthal, Mr. 
 Moran, and Mr. Wicker) 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 permanently extend the 
       railroad track maintenance credit, and for other purposes.

    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 ``Building Rail Access for Customers 
and the Economy Act of 2019'' or the ``BRACE Act of 2019''.

SEC. 2. RAILROAD TRACK MAINTENANCE CREDIT MADE PERMANENT.

    (a) In General.--Section 45G of the Internal Revenue Code of 1986 
is amended by striking subsection (f).
    (b) Effective Date.--
            (1) In general.--The amendment made by subsection (a) shall 
        apply to expenditures paid or incurred during taxable years 
        beginning after December 31, 2017.
            (2) Safe harbor assignments.--Assignments, including 
        related expenditures paid or incurred, under paragraph (2) of 
        section 45G(b) of the Internal Revenue Code of 1986 for taxable 
        years beginning on or after January 1, 2018, and before January 
        1, 2019, shall be treated as effective as of the close of such 
        taxable year if made pursuant to a written agreement entered 
        into not later than 90 days after the date of the enactment of 
        this Act.
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