Increases the railroad track maintenance credit amount and adjusts it for inflation.
The bill amends the Internal Revenue Code to increase the credit amount for railroad track maintenance expenditures from $3,500 to $6,100. It also introduces an inflation adjustment for the credit amount, calculated based on the cost-of-living adjustment for the year the taxable period begins. The credit is extended to expenditures 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.