§ 45G. Railroad track maintenance credit
(a)
General rule
For purposes of section
38, the railroad track maintenance credit determined under this section for the taxable year is an amount equal to 50 percent of the qualified railroad track maintenance expenditures paid or incurred by an eligible taxpayer during the taxable year.
(b)
Limitation
(1)
In general
The credit allowed under subsection (a) for any taxable year shall not exceed the product of—
(2)
Assignments
With respect to any assignment of a mile of railroad track under paragraph (1)(B)(ii)—
(A)
such assignment may be made only once per taxable year of the Class II or Class III railroad and shall be treated as made as of the close of such taxable year,
(c)
Eligible taxpayer
For purposes of this section, the term “eligible taxpayer” means—
(2)
any person who transports property using the rail facilities of a Class II or Class III railroad or who furnishes railroad-related property or services to a Class II or Class III railroad, but only with respect to miles of railroad track assigned to such person by such Class II or Class III railroad for purposes of subsection (b).
(d)
Qualified railroad track maintenance expenditures
For purposes of this section, the term “qualified railroad track maintenance expenditures” means gross expenditures (whether or not otherwise chargeable to capital account) for maintaining railroad track (including roadbed, bridges, and related track structures) owned or leased as of January 1, 2005, by a Class II or Class III railroad (determined without regard to any consideration for such expenditures given by the Class II or Class III railroad which made the assignment of such track).
(e)
Other definitions and special rules
(1)
Class II or Class III railroad
For purposes of this section, the terms “Class II railroad” and “Class III railroad” have the respective meanings given such terms by the Surface Transportation Board.
(f)
Application of section
This section shall apply to qualified railroad track maintenance expenditures paid or incurred during taxable years beginning after December 31, 2004, and before January 1, 2012.