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

Section 45G(b)(1)(A) of the Internal Revenue Code of 1986 is amended by striking $3,500 and inserting $6,100.

Section 45G of such Code is amended by adding at the end the following new subsection:

In the case of a taxable year beginning after 2025, the $6,100 amount in subsection (b)(1)(A) shall be increased by an amount equal to—

(A) such dollar amount, multiplied by

(B) the cost-of-living adjustment determined under section 1(f)(3) for the calendar year in which the taxable year begins, determined by substituting calendar year 2024 for calendar year 2016 in subparagraph (A)(ii) thereof.

Any increase determined under paragraph (1) which is not a multiple of $100 shall be rounded to the nearest multiple of $100.

Section 45G(d) of the Internal Revenue Code of 1986 is amended by striking January 1, 2015 and inserting January 1, 2024.

The amendments made by this section shall apply to expenditures paid or incurred in taxable years beginning after December 31, 2024.