The House Ways & Means Committee on June 20 favorably reported-out H.R. 3301,the Taxpayer Certainty and Disaster Tax Relief Act of 2019. The 45G railroad infrastructure maintenance tax credit is covered in Section 112, which extends 45G to Jan. 1, 2021 and retroactively to Jan. 1, 2018. (45G expired on Dec. 31, 2017.)
Restoration of the 50% investment tax credit for short line railroads—commonly known as 45-G for its designated section in the Internal Revenue Code—again appears a reality in Congress after that “wall thing” debate interfered with the tax credit’s passage just prior to final adjournment of the 115th Congress.