H.R. 516: To amend the Internal Revenue Code of 1986 to modify the railroad track maintenance credit.

119th Congress · introduced 2025-01-16 · Taxation · Latest: Referred to the House Committee on Ways and Means.

federal

Official title

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

Plain summary

This bill increases the annual limit on the tax credit for qualified railroad track maintenance expenses (also referred to as the short line railroad tax credit) and expands eligibility for claiming the credit. Under current law, the tax credit is limited each tax year to $3,500 multiplied by the sum of the number of miles of railroad track owned or leased by the taxpayer (miles owned or leased) and the number of railroad track miles assigned to the taxpayer by a Class II or III railroad (miles assigned). This bill increases the annual limit to $6,100 multiplied by the sum of miles owned or leased and miles assigned. The $6,100 amount used in the calculation of the tax credit limit is adjusted for inflation for tax years beginning after 2025. The bill also expands eligibility for the tax credit to include gross expenses for maintaining railroad tracks owned or leased as of January 1, 2024. Under current law, the tax credit is limited to gross expenses for maintaining railroad tracks owned or leased as of January 1, 2015.

Congressional Research Service summary (Introduced in House), quoted unchanged (nonpartisan). Read the source.

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What does this mean? (plain words)

Official text

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

Source: Congressional Research Service summary (Introduced in House)

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Officials and money

Sponsor: Rep. Kelly, Mike [R-PA-16] · 183 cosponsors

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Sources

Congressional Research Service summary (Introduced in House)
Congress.gov
Data: GovInfo BILLSTATUS bulk data (Library of Congress), BILLSTATUS-119hr516.xml <https://www.govinfo.gov/bulkdata/BILLSTATUS/119/hr>

Record fed-us-cong119-hr516 · catalog fed-us-congress-bills-cong119 · updated 2026-11-03 by psicol fed-bills