Section 1 Short title
This Act may be cited as the “Building Rail Access for Customers and the Economy Act of 2019” or the “BRACE Act of 2019”.
Building Rail Access for Customers and the Economy Act of 2019
A BILL
To amend the Internal Revenue Code of 1986 to permanently extend the railroad track maintenance credit, and for other purposes.
Sec. 2 Railroad track maintenance credit made permanent
In general— Section 45G of the Internal Revenue Code of 1986 is amended by striking subsection (f).
Effective date—
In general— The amendment made by subsection (a) shall apply to expenditures paid or incurred during taxable years beginning after December 31, 2017.
Safe harbor assignments— Assignments, including related expenditures paid or incurred, under paragraph (2) of section 45G(b) of the Internal Revenue Code of 1986 for taxable years beginning on or after January 1, 2018, and before January 1, 2019, shall be treated as effective as of the close of such taxable year if made pursuant to a written agreement entered into not later than 90 days after the date of the enactment of this Act.