26 U.S. Code § 45G - Railroad track maintenance credit
For purposes of section 38, the railroad track maintenance credit determined under this section for the taxable year is an amount equal to 50 percent of the qualified railroad track maintenance expenditures paid or incurred by an eligible taxpayer during the taxable year.
For purposes of this section, the term “qualified railroad track maintenance expenditures” means gross expenditures (whether or not otherwise chargeable to capital account) for maintaining railroad track (including roadbed, bridges, and related track structures) owned or leased as of January 1, 2015, 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).
For purposes of this section, the terms “Class II railroad” and “Class III railroad” have the respective meanings given such terms by the Surface Transportation Board.
Rules similar to the rules of paragraph (1) of section 41(f) shall apply for purposes of this section.
This section shall apply to qualified railroad track maintenance expenditures paid or incurred during taxable years beginning after December 31, 2004, and before January 1, 2017.
2015—Subsec. (d). Pub. L. 114–113, § 162(b), substituted “January 1, 2015” for “January 1, 2005”.
Subsec. (f). Pub. L. 114–113, § 162(a), substituted “January 1, 2017” for “January 1, 2015”.
2014—Subsec. (f). Pub. L. 113–295 substituted “January 1, 2015” for “January 1, 2014”.
2013—Subsec. (f). Pub. L. 112–240 substituted “January 1, 2014” for “January 1, 2012”.
2010—Subsec. (f). Pub. L. 111–312 substituted “January 1, 2012” for “January 1, 2010”.
2008—Subsec. (f). Pub. L. 110–343 substituted “January 1, 2010” for “January 1, 2008”.
2006—Subsec. (d). Pub. L. 109–432 inserted “gross” after “means” and “(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)” before period at end.
2005—Subsec. (b). Pub. L. 109–135, § 403(f)(1), reenacted heading without change and amended text generally. Prior to amendment, text read as follows: “The credit allowed under subsection (a) for any taxable year shall not exceed the product of—
“(1) $3,500, and
“(2) the number of miles of railroad track owned or leased by the eligible taxpayer as of the close of the taxable year.
A mile of railroad track may be taken into account by a person other than the owner only if such mile is assigned to such person by the owner for purposes of this subsection. Any mile which is so assigned may not be taken into account by the owner for purposes of this subsection.”
Subsec. (c)(2). Pub. L. 109–135, § 403(f)(2), amended par. (2) generally. Prior to amendment, par. (2) read as follows: “any person who transports property using the rail facilities of a person described in paragraph (1) or who furnishes railroad-related property or services to such a person.”
Amendment by Pub. L. 109–135 effective as if included in the provision of the American Jobs Creation Act of 2004, Pub. L. 108–357, to which such amendment relates, see section 403(nn) of Pub. L. 109–135, set out as a note under section 26 of this title.
Written determinations for this section
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