Amends the Internal Revenue Code to allow an eligible taxpayer (rail carrier that owns property adjacent to railroad tracks) to take a general business tax credit in an amount equal to 50 percent of the eligible railroad noise abatement expenditures for the taxable year. Defines "eligible railroad noise abatement expenditures" as amounts paid by an eligible taxpayer for installation of sound barriers on property adjacent to railroad tracks, including the implementation of other activities to abate the noise of trains to within levels prescribed by the Environmental Protection Agency.
Amends Federal highway law to authorize payment from a State's Federal-aid highway fund apportionment for the entire cost of activities for the abatement of the noise of trains, including construction of sound barriers on public lands or on private property with the consent of the property owner.
Amends Federal transportation law to revise certain factors the Surface Transportation Board must consider in a proceeding to approve the consolidation, merger, or acquisition of control of at least two Class I railroads. Includes among such factors: (1) the safety and environmental effects of the proposed transaction; (2) a federalism impact assessment that addresses the preemptive impact of, and associated costs incurred by State and local governments as a result of, such proposed transaction; and (3) all mitigation and impact costs attributed to the transaction.
Requires an rail carrier to notify the Governor of the State and its affected communities before it takes any rail-related actions that may increase noise levels there.
Introduced in Senate
Referred to the Committee on Finance.
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