House Passes Tax Extenders Bill Including One Year Extension of Short Line Railroad Tax Credit
In one of the most contentious and confused House legislative wrangling sessions in recent years, the House has taken action to pass H.R. 4213, including a one year (tax year 2010) extension of the Section 45G railroad track maintenance credit. The bill also includes an extension of the issuing authority of Build America Bonds from January 1, 2011 to January 1, 2013.
The House had originally passed H.R. 4213 in December. The Senate amended the bill in March. Today's action amends the bill further. Subsequent Senate action is now required and it has to pass both chambers in identical form.
The Senate has left town for the Memorial Day Recess. Given the one-week delay in the House in passing this bill the Senate lacked sufficient time to finish the bill before Memorial Day (a minimum of 3-4 days would have been required). The Senate will take up the bill sometime in June. The Senate is likely to amend the bill again, which could require the House to vote yet again. This procedure is accurately described as "ping-pong".
Source: ASLRRA-LPC