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S. 203: BRACE Act of 2019

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The text of the bill below is as of Jan 24, 2019 (Introduced).

II

116th CONGRESS

1st Session

S. 203

IN THE SENATE OF THE UNITED STATES

January 24, 2019

(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.