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
To amend the Internal Revenue Code of 1986 to permanently extend the railroad track maintenance credit, and for other purposes.
This Act may be cited as the
Building Rail Access for Customers and the Economy Act of 2019 or the
BRACE Act of 2019.
Railroad track maintenance credit made permanent
Section 45G of the Internal Revenue Code of 1986 is amended by striking subsection (f).
The amendment made by subsection (a) shall apply to expenditures paid or incurred during taxable years beginning after December 31, 2017.
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.