Bill · H.R. 516· House(119-HR-516)

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

Age: 78 years

Pennsylvania

Introduced: 1/16/2025
Last activity: 1/16/2025 — Referred to the House Committee on Ways and Means.
Sponsored by: Mike Kelly
Cosponsors: - 111 - 70

Taxation

Introduced
In Committee

What this bill would do

This bill proposes changes to the Internal Revenue Code of 1986 regarding the railroad track maintenance credit. It seeks to increase the specific credit amount from $3,500 to $6,100. Additionally, the bill introduces a mechanism for an inflation adjustment for this credit amount for taxable years after 2025. It also modifies the date for qualified railroad track maintenance expenditures. These changes are intended to apply to expenditures incurred in taxable years beginning after December 31, 2024.

Yes

Would business owners be better off under this?+2
The bill provides a more substantial tax credit for railroad companies, benefiting their bottom line.
Is this likely to grow the economy?+1
The increased tax credit may incentivize railroad infrastructure investment which supports economic activity.
Does this improve buses, trains and other public transport?+1
The bill benefits the railroad industry, which is a key component of national transit infrastructure.