BRACE Act of 2019

Bill: 116-s-203
Sponsor: full_name: Sen. Crapo, Mike [R-ID]
Introduced: 2019-01-24
Policy area: Taxation
Subjects: Business investment and capital

Income tax credits

Railroads
Latest action: action_date: 2019-01-24
text: Read twice and referred to the Committee on Finance.

Summaries:
action_date: 2019-01-24
action_desc: Introduced in Senate
text: <p><strong>Building Rail Access for Customers and the Economy Act of 2019 or the BRACE Act</strong> <b>of 2019</b></p> <p>This bill permanently extends the tax credit for railroad track maintenance. The extension applies to expenditures paid or incurred during tax years beginning after 2017. Assignments of miles of railroad track, including related expenditures, for tax years beginning on or after January 1, 2018, and before January 1, 2019, must be treated as effective as of the close of such taxable year if they are made pursuant to a written agreement entered into within 90 days of the enactment of this bill.</p>

tv_txt: II 116th CONGRESS 1st Session S. 203 IN THE SENATE OF THE UNITED STATES January 24, 2019 Mr. Crapo (for himself, Mr. Wyden , Mr. Roberts , Mr. Schumer , Mr. Thune , Ms. Stabenow , Mr. Isakson , Mr. Casey , Mr. Inhofe , Mr. Blumenthal , Mr. Moran , and Mr. Wicker ) introduced the following bill; which was read twice and referred to the Committee on Finance A BILL To amend the Internal Revenue Code of 1986 to permanently extend the railroad track maintenance credit, and for other purposes.

1. Short title This Act may be cited as the Building Rail Access for Customers and the Economy Act of 2019 or the BRACE Act of 2019 . 2. Railroad track maintenance credit made permanent (a) In general Section 45G of the Internal Revenue Code of 1986 is amended by striking subsection (f). (b) Effective date (1) In general The amendment made by subsection (a) shall apply to expenditures paid or incurred during taxable years beginning after December 31, 2017. (2) Safe harbor assignments Assignments, including related expenditures paid or incurred, under paragraph (2) of section 45G(b) of the Internal Revenue Code of 1986 for taxable years beginning on or after January 1, 2018, and before January 1, 2019, shall be treated as effective as of the close of such taxable year if made pursuant to a written agreement entered into not later than 90 days after the date of the enactment of this Act.