2020—Subsec. (a). Pub. L. 116–260, § 105(b), substituted “40 percent (50 percent in the case of any taxable year beginning before January 1, 2023)” for “50 percent”.

Subsec. (f). Pub. L. 116–260, § 105(a), struck out subsec. (f). Text read as follows: “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, 2023.”

2019—Subsec. (f). Pub. L. 116–94 substituted “January 1, 2023” for “January 1, 2018”.

2018—Subsec. (f). Pub. L. 115–123 substituted “January 1, 2018” for “January 1, 2017”.

2015—Subsec. (d). Pub. L. 114–113, § 162(b), substituted “January 1, 2015” for “January 1, 2005”.

Subsec. (f). Pub. L. 114–113, § 162(a), substituted “January 1, 2017” for “January 1, 2015”.

2014—Subsec. (f). Pub. L. 113–295 substituted “January 1, 2015” for “January 1, 2014”.

2013—Subsec. (f). Pub. L. 112–240 substituted “January 1, 2014” for “January 1, 2012”.

2010—Subsec. (f). Pub. L. 111–312 substituted “January 1, 2012” for “January 1, 2010”.

2008—Subsec. (f). Pub. L. 110–343 substituted “January 1, 2010” for “January 1, 2008”.

2006—Subsec. (d). Pub. L. 109–432 inserted “gross” after “means” and “(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)” before period at end.

2005—Subsec. (b). Pub. L. 109–135, § 403(f)(1), reenacted heading without change and amended text generally. Prior to amendment, text read as follows: “The credit allowed under subsection (a) for any taxable year shall not exceed the product of—

“(1) $3,500, and

“(2) the number of miles of railroad track owned or leased by the eligible taxpayer as of the close of the taxable year.

A mile of railroad track may be taken into account by a person other than the owner only if such mile is assigned to such person by the owner for purposes of this subsection. Any mile which is so assigned may not be taken into account by the owner for purposes of this subsection.”

Subsec. (c)(2). Pub. L. 109–135, § 403(f)(2), amended par. (2) generally. Prior to amendment, par. (2) read as follows: “any person who transports property using the rail facilities of a person described in paragraph (1) or who furnishes railroad-related property or services to such a person.”

Pub. L. 116–260, div. EE, title I, § 105(c), Dec. 27, 2020, 134 Stat. 3041, provided that: “The amendments made by this section [amending this section] shall apply to taxable years ending after the date of the enactment of this Act [Dec. 27, 2020].”

Pub. L. 116–94, div. Q, title I, § 112(c), Dec. 20, 2019, 133 Stat. 3229, provided that: “The amendment made by this section [amending this section] shall apply to expenditures paid or incurred during taxable years beginning after December 31, 2017.”

Pub. L. 115–123, div. D, title I, § 40302(b), Feb. 9, 2018, 132 Stat. 145, provided that:

Pub. L. 114–113, div. Q, title I, § 162(c), Dec. 18, 2015, 129 Stat. 3066, provided that:

Pub. L. 113–295, div. A, title I, § 116(b), Dec. 19, 2014, 128 Stat. 4014, provided that: “The amendment made by this section [amending this section] shall apply to expenditures paid or incurred in taxable years beginning after December 31, 2013.”

Pub. L. 112–240, title III, § 306(b), Jan. 2, 2013, 126 Stat. 2329, provided that: “The amendment made by this section [amending this section] shall apply to expenditures paid or incurred in taxable years beginning after December 31, 2011.”

Pub. L. 111–312, title VII, § 734(b), Dec. 17, 2010, 124 Stat. 3318, provided that: “The amendment made by this section [amending this section] shall apply to expenditures paid or incurred in taxable years beginning after December 31, 2009.”

Pub. L. 110–343, div. C, title III, § 316(c)(1), Oct. 3, 2008, 122 Stat. 3872, provided that: “The amendment made by subsection (a) [amending this section] shall apply to expenditures paid or incurred during taxable years beginning after December 31, 2007.”

Pub. L. 109–432, div. A, title IV, § 423(b), Dec. 20, 2006, 120 Stat. 2973, provided that: “The amendment made by this section [amending this section] shall take effect as if included in the amendment made by section 245(a) of the American Jobs Creation Act of 2004 [Pub. L. 108–357].”

Amendment by Pub. L. 109–135 effective as if included in the provision of the American Jobs Creation Act of 2004, Pub. L. 108–357, to which such amendment relates, see section 403(nn) of Pub. L. 109–135, set out as a note under section 26 of this title.

Section applicable to taxable years beginning after Dec. 31, 2004, see section 245(e) of Pub. L. 108–357, set out as an Effective Date of 2004 Amendment note under section 38 of this title.

Pub. L. 116–94, div. Q, title I, § 112(b), Dec. 20, 2019, 133 Stat. 3228, provided that: “Any assignment, including related expenditures paid or incurred, under section 45G(b)(2) of the Internal Revenue Code of 1986 for a taxable year beginning on or after January 1, 2018, and ending before January 1, 2020, shall be treated as effective as of the close of such taxable year if made pursuant to a written agreement entered into no later than 90 days following the date of the enactment of this Act [Dec. 20, 2019].”