BRACE Act of 2019

II 116TH CONGRESS 1ST SESSION S. 203 To amend the Internal Revenue Code of 1986 to permanently extend the railroad track maintenance credit, and for other purposes. IN THE SENATE OF THE UNITED STATES JANUARY 24, 2019 Mr. CRAPO (for himself, Mr. WYDEN, Mr. ROBERTS, Mr. SCHUMER, Mr. THUNE, Ms. STABENOW, Mr. ISAKSON, Mr. CASEY, Mr. INHOFE, Mr. BLUMENTHAL, Mr. MORAN, and Mr. WICKER) introduced the following bill; which was read twice and referred to the Committee on Finance A BILL To amend the Internal Revenue Code of 1986 to permanently extend the railroad track maintenance credit, and for other purposes. Be it enacted by the Senate and House of Representa- 1 tives of the United States of America in Congress assembled, 2 SECTION 1. SHORT TITLE. 3 This Act may be cited as the ‘‘Building Rail Access 4 for Customers and the Economy Act of 2019’’ or the 5 ‘‘BRACE Act of 2019’’. 6 VerDate Sep 11 2014 03:28 Jan 29, 2019 Jkt 089200 PO 00000 Frm 00001 Fmt 6652 Sfmt 6201 E:\BILLS\S203.IS S203 kjohnson on DSK79L0C42 with BILLS 2 •S 203 IS SEC. 2. RAILROAD TRACK MAINTENANCE CREDIT MADE 1 PERMANENT. 2 (a) IN GENERAL.—Section 45G of the Internal Rev- 3 enue Code of 1986 is amended by striking subsection (f). 4 (b) EFFECTIVE DATE.— 5 (1) IN GENERAL.—The amendment made by 6 subsection (a) shall apply to expenditures paid or in- 7 curred during taxable years beginning after Decem- 8 ber 31, 2017. 9 (2) SAFE HARBOR ASSIGNMENTS.—Assign- 10 ments, including related expenditures paid or in- 11 curred, under paragraph (2) of section 45G(b) of the 12 Internal Revenue Code of 1986 for taxable years be- 13 ginning on or after January 1, 2018, and before 14 January 1, 2019, shall be treated as effective as of 15 the close of such taxable year if made pursuant to 16 a written agreement entered into not later than 90 17 days after the date of the enactment of this Act. 18 Æ VerDate Sep 11 2014 03:28 Jan 29, 2019 Jkt 089200 PO 00000 Frm 00002 Fmt 6652 Sfmt 6301 E:\BILLS\S203.IS S203 kjohnson on DSK79L0C42 with BILLS