Federal HB516 amends the Internal Revenue Code to increase and adjust the railroad track maintenance credit.
Federal HB516 amends the Internal Revenue Code to modify the railroad track maintenance credit. The bill increases the credit amount from $3,500 to $6,100 and introduces an inflation adjustment for taxable years beginning after 2025. The adjustment is based on the cost-of-living adjustment, with a specific formula provided in the bill. The changes apply to expenditures paid or incurred in taxable years beginning after December 31, 2024.
Included in complete analysis
- Overview
- Core Provisions
- Implementation
- Impact
- Legal Framework
- Critical Issues
See what it does, who it affects, and the critical issues in plain language. Free, 30 seconds.