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The H.R. 876/S. 1703 short line railroad tax credit bill was passed over the weekend by the Senate. It passed the House last week. The bills were included in the major Corporate Tax Bill passed on Sunday. It now awaits only signature by President Bu***o become law. The tax credit available was substantially changed in the process. Originally the credit was to be for 100% of infrastructure expenditures up to $10,000 per mile of track annually and was to be transferrable to vendors, customers and entities directly related to the railroad (i.e. holding companies, owners, etc). As amended and passed the bill provides for a 50% of infrastructure expenditures credit capped at $3,500 per mile. The credit is not transferrable but may flow through in appropriate entities according to existing tax rules and regulations. (i.e. subchapter "S" Corps, LLCs, etc). Thanks to all of you who supported this legislation. LC
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