H.R.1806 - Freight Rail Infrastructure Capacity Expansion Act of 2009111th Congress (2009-2010)
|Sponsor:||Rep. Meek, Kendrick B. [D-FL-17] (Introduced 03/31/2009)|
|Committees:||House - Ways and Means|
|Latest Action:||House - 03/31/2009 Referred to the House Committee on Ways and Means. (All Actions)|
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Summary: H.R.1806 — 111th Congress (2009-2010)All Information (Except Text)
Introduced in House (03/31/2009)
Freight Rail Infrastructure Capacity Expansion Act of 2009 - Amends the Internal Revenue Code to allow: (1) a tax credit for 25% of the cost of new qualified freight rail infrastructure property and qualified locomotive property; and (2) a taxpayer election to expense the cost of qualified freight rail infrastructure property (i.e., deduct all costs in the current taxable year). Terminates such credit and expensing election after 2015.
Requires compliance with federal wage rate requirements under the Davis-Bacon Act as a condition of eligibility for the tax credit and expensing allowance provided by this Act.