year in which such cessation occurs and the 2 
preceding calendar years, and 
‘‘(B) interest at the underpayment rate 
under section 6621 on the amount determined 
under subparagraph (A) for each calendar year 
for the period beginning on the first day of 
such calendar year. 
‘‘(2) NONCULPABLE DISQUALIFICATIONS.—If a 
qualified rail infrastructure bond ceases to qualify as 
such a bond due to action taken by the recipient of 
a grant made under section 305(a) of the True Re-
investment for Amtrak Infrastructure in the 21st 
Century Act, the issuer may seek compensation 
under paragraph (1) of this subsection. 
‘‘(h) RAIL INFRASTRUCTURE FINANCE TRUST.— 
‘‘(1) IN
GENERAL.—The following amounts 
shall be held in a trust account by the Rail Infra-
structure Finance Corporation: 
‘‘(A) An amount of the proceeds from the 
sale of all bonds designated for purposes of this 
section that, when combined with amounts de-
scribed in subparagraphs (B), (C), and (D), is 
sufficient— 
‘‘(i) to ensure the Corporation’s abil-
ity to redeem all bonds upon maturity; and
‘‘(ii) to pay the administrative ex-
penses of the Corporation and the Rail In-
frastructure Finance Trust. 
‘‘(B) The amount of any non-Federal con-
tributions required under section 305(a)(4) of 
the True Reinvestment for Amtrak Infrastruc-
ture in the 21st Century Act. 
‘‘(C) The temporary period investment 
earnings on proceeds from the sale of such 
bonds. 
‘‘(D) Any earnings on any amounts de-
scribed in subparagraph (A), (B), or (C). 
‘‘(2) USE OF FUNDS.—Amounts in the trust ac-
count may be used only for investment purposes to 
generate sufficient funds to redeem qualified rail in-
frastructure bonds at maturity and pay the adminis-
trative expenses of the Corporation and the Trust. 
‘‘(3) USE OF REMAINING FUNDS ON TRUST AC-
COUNT.—If the Corporation determines that the 
amount in the trusts account exceeds the amount re-
quired to comply with paragraph (2), the Corpora-
tion may transfer the excess to the Rail Infrastruc-
ture Investment account to be available for awarding 
grants as provided for in section 307(c)(5)(B) of the
True Reinvestment for Amtrak Infrastructure in the 
21st Century Act. 
‘‘(4) REVERSION OF REMAINING PROCEEDS.— 
Upon retirement of all bonds issued by the Corpora-
tion, any remaining proceeds from the sale of such 
bonds shall be covered into the general fund of the 
Treasury of the United States as miscellaneous re-
ceipts. 
‘‘(i) OTHER DEFINITIONS AND SPECIAL RULES.— 
For purposes of this section— 
‘‘(1) BOND.—The term ‘bond’ includes any ob-
ligation. 
‘‘(2) NET SPENDABLE PROCEEDS.—The term 
‘net spendable proceeds’ has the meaning given such 
term in section 307(c)(6) of the True Reinvestment 
for Amtrak Infrastructure in the 21st Century Act. 
‘‘(3) QUALIFIED PROJECT.—The term ‘qualified 
project’ means any project that is eligible for grant 
funding under section 201 or 202 of the True Rein-
vestment for Amtrak Infrastructure in the 21st Cen-
tury Act. 
‘‘(4) PARTNERSHIP; 
S
CORPORATION; 
AND 
OTHER
PASS-THRU
ENTITIES.—Under regulations 
prescribed by the Secretary, in the case of a partner-
ship, trust, S corporation, or other pass-thru entity,
rules similar to the rules of section 41(g) shall apply 
with respect to the credit allowable under subsection 
(a). 
‘‘(5) BONDS
HELD
BY
REGULATED
INVEST-
MENT COMPANIES.—If any qualified rail infrastruc-
ture bond is held by a regulated investment com-
pany, the credit determined under subsection (a) 
shall be allowed to shareholders of such company 
under procedures prescribed by the Secretary. 
‘‘(6) REPORTING.—Issuers of qualified rail in-
frastructure bonds shall submit reports similar to 
the reports required under section 149(e).’’. 
(b) AMENDMENTS TO OTHER CODE SECTIONS.— 
(1) REPORTING.—Subsection (d) of section 
6049 of the Internal Revenue Code of 1986 (relating 
to returns regarding payments of interest) is amend-
ed by adding at the end the following new para-
graph: 
‘‘(8) REPORTING
OF
CREDIT
ON
QUALIFIED 
RAIL INFRASTRUCTURE BONDS.— 
‘‘(A) IN GENERAL.—For purposes of sub-
section (a), the term ‘interest’ includes amounts 
includible in gross income under section 54(d) 
and such amounts shall be treated as paid on
the credit allowance date (as defined in section 
54(b)(4)). 
‘‘(B) 
REPORTING
TO
CORPORATIONS, 
ETC.—Except as otherwise provided in regula-
tions, in the case of any interest described in 
subparagraph (A), subsection (b)(4) shall be 
applied without regard to subparagraphs (A), 
(H), (I), (J), (K), and (L)(i) of such subsection. 
‘‘(C) REGULATORY AUTHORITY.—The Sec-
retary may prescribe such regulations as are 
necessary or appropriate to carry out the pur-
poses of this paragraph, including regulations 
which require more frequent or more detailed 
reporting.’’. 
(2) TREATMENT
FOR
ESTIMATED
TAX
PUR-
POSES.— 
(A) INDIVIDUAL.—Section 6654 of such 
Code (relating to failure by individual to pay es-
timated income tax) is amended by redesig-
nating subsection (m) as subsection (n) and by 
inserting after subsection (l) the following new 
subsection: 
‘‘(m) SPECIAL RULE FOR HOLDERS OF QUALIFIED 
RAIL INFRASTRUCTURE BONDS.—For purposes of this 
section, the credit allowed by section 54 to a taxpayer by
reason of holding a qualified rail infrastructure bond on 
a credit allowance date shall be treated as if it were a 
payment of estimated tax made by the taxpayer on such 
date.’’. 
(B) CORPORATE.—Section 6655 of such 
Code (relating to failure by corporation to pay 
estimated income tax) is amended by adding at 
the end of subsection (g) the following new 
paragraph: 
‘‘(5) SPECIAL RULE FOR HOLDERS OF QUALI-
FIED RAIL INFRASTRUCTURE BONDS.—For purposes 
of this section, the credit allowed by section 54 to 
a taxpayer by reason of holding a qualified rail in-
frastructure bond on a credit allowance date shall be 
treated as if it were a payment of estimated tax 
made by the taxpayer on such date.’’. 
(c) CLERICAL AMENDMENTS.— 
(1) The table of subparts for part IV of sub-
chapter A of chapter 1 of the Internal Revenue Code 
of 1986 is amended by adding at the end the fol-
lowing new item: 
‘‘SUBPART H—NONREFUNDABLE CREDIT FOR HOLDERS OF QUALIFIED RAIL 
INFRASTRUCTURE BONDS’’. 
(2) Section 6401(b)(1) of such Code is amend-
ed by striking ‘‘and G’’ and inserting ‘‘G, and H’’.
SEC. 402. ISSUANCE OF REGULATIONS. 
The Secretary of the Treasury shall issue regulations 
required under section 54 of the Internal Revenue Code 
of 1986 not later than 90 days after the date of the enact-
ment of this Act. 
SEC. 403. EFFECTIVE DATE. 
The amendments made by section 401 shall apply to 
obligations issued after the date of enactment of this Act. 
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