S 1125
110th Congress
Senate
Taxation
Income tax
Railroad engineering
Railroad freight operations
Tax credits
Tax deductions
Transportation and Public Works
Freight Rail Infrastructure Capacity Expansion Act of 2007
Introduced: April 17, 2007
See on congress.gov
Everywhere this bill has been
2 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Apr 17, 2007
Read twice and referred to the Committee on Finance.
Apr 17, 2007
Introduced in Senate
Plain-English summary
Freight Rail Infrastructure Capacity Expansion Act of 2007 - Amends the Internal Revenue Code to allow: (1) a tax credit for 25% of the cost of new qualified freight rail infrastructure property and new qualified locomotive property; and (2) a taxpayer election to expense the cost of qualified freight rail infrastructure property (i.e., deduct all costs in the current taxable year). Terminates such credit and expensing election after 2012.
What's happening now
Read twice and referred to the Committee on Finance.
Committees of jurisdiction
1