To amend the Internal Revenue Code of 1986 to modify the railroad track maintenance credit.

This bill increases the annual limit on the tax credit for qualified railroad track maintenance expenses (also referred to as the short line railroad tax credit) and expands eligibility for claiming the credit.

Under current law, the tax credit is limited each tax year to $3,500 multiplied by the sum of the number of miles of railroad track owned or leased by the taxpayer (miles owned or leased) and the number of railroad track miles assigned to the taxpayer by a Class I or II railroad (miles assigned).  This bill increases the annual limit to $6,100 multiplied by the sum of miles owned or leased and miles assigned. The $6,100 amount used in the calculation of the tax credit limit is adjusted for inflation for tax years beginning after 2025.

The bill also expands eligibility for the tax credit to include gross expenses for maintaining railroad tracks owned or leased as of January 1, 2024. Under current law, the tax credit is limited to gross expenses for maintaining railroad tracks owned or leased as of January 1, 2015.

Update Date: 2024-11-08 00:00:00

Truncating Onerous Regulations for Partners and Enhancing Deterrence Operations (TORPEDO) Act of 2023

Truncating Onerous Regulations for Partners and Enhancing Deterrence Operations (TORPEDO) Act of 2023

This bill facilitates the transfer of certain U.S. equipment, technology, and services to and between the United States, Australia, Canada, and the United Kingdom (U.K.).
 
For example, the bill

• requires the Department of State to initiate regulatory changes to establish an open general export license for the export, reexport, transfer, and retransfer of certain defense articles and services to or between designated individuals, entities, and facilities of the United States, Australia, Canada, and the U.K.;
• requires the Department of Commerce to initiate regulatory changes to establish a license exception for the export, reexport, and in-country transfer of items on the Commerce Control List to or between designated individuals and entities in Australia, Canada, and the U.K.;
• directs the State Department to compile a list of available and emerging military platforms, technologies, and equipment that are pre-cleared and prioritized for sale and release to Australia, Canada, and the U.K. through the Foreign Military Sales program; and
• requires the State Department to appoint a senior advisor to oversee implementation of the AUKUS agreement (a security partnership between Australia, the U.K., and the United States focused on the Indo-Pacific region).

The bill also expands the definition of domestic source under the Defense Production Act, thereby making certain businesses in Australia, the U.K., and New Zealand eligible for financial incentives to increase production of critical components, critical technology items, materials, and industrial resources needed for U.S. national security.

Update Date: 2024-11-08 00:00:00