119 STAT. 2624
26 USC 45G.
VerDate 14-DEC-2004
07:21 Oct 30, 2006
PUBLIC LAW 109–135—DEC. 21, 2005
‘‘(2) ASSIGNMENTS.—With respect to any assignment of a mile of railroad track under paragraph (1)(B)(ii)— ‘‘(A) such assignment may be made only once per taxable year of the Class II or Class III railroad and shall be treated as made as of the close of such taxable year, ‘‘(B) such mile may not be taken into account under this section by such railroad for such taxable year, and ‘‘(C) such assignment shall be taken into account for the taxable year of the assignee which includes the date that such assignment is treated as effective.’’. (2) Paragraph (2) of section 45G(c) is amended to read as follows: ‘‘(2) any person who transports property using the rail facilities of a Class II or Class III railroad or who furnishes railroad-related property or services to a Class II or Class III railroad, but only with respect to miles of railroad track assigned to such person by such Class II or Class III railroad for purposes of subsection (b).’’. (g) AMENDMENTS RELATED TO SECTION 248 OF THE ACT.— (1)(A) Subsection (d) of section 1353 is amended by striking ‘‘ownership and charter interests’’ and inserting ‘‘ownership, charter, and operating agreement interests’’. (B) Subsection (a) of section 1355 is amended by striking paragraph (8). (C) Paragraph (1) of section 1355(b) is amended to read as follows: ‘‘(1) IN GENERAL.—Except as provided in paragraph (2), a person is treated as operating any vessel during any period if— ‘‘(A)(i) such vessel is owned by, or chartered (including a time charter) to, the person, or ‘‘(ii) the person provides services for such vessel pursuant to an operating agreement, and ‘‘(B) such vessel is in use as a qualifying vessel during such period.’’. (D) Paragraph (3) of section 1355(d) is amended to read as follows: ‘‘(3) the extent of a partner’s ownership, charter, or operating agreement interest in any vessel operated by the partnership shall be determined on the basis of the partner’s interest in the partnership.’’. (2) Paragraph (3) of section 1355(c) is amended by striking ‘‘determined—’’ and all that follows and inserting ‘‘determined by treating all members of such group as 1 person.’’. (3) Subsection (c) of section 1356 is amended— (A) by striking paragraph (3), and (B) by adding at the end of paragraph (2) the following new flush sentence: ‘‘Such term shall not include any core qualifying activities.’’. (4) The last sentence of section 1354(b) is amended by inserting ‘‘on or’’ after ‘‘only if made’’. (h) AMENDMENT RELATED TO SECTION 314 OF THE ACT.—Paragraph (2) of section 55(c) is amended by striking ‘‘regular tax’’ and inserting ‘‘regular tax liability’’. (i) AMENDMENTS RELATED TO SECTION 322 OF THE ACT.— (1)(A) Subparagraph (B) of section 194(b)(1) is amended to read as follows:
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