A bill to amend the Internal Revenue Code of 1954 to assist in railroad disaster reconstruction efforts.

[AI summary unavailable — showing source text] Amends the Internal Revenue Code to provide that expenditures for the construction, reconstruction, or relocation of new railroad grading and tunnel bores in designated Federal disaster areas shall be treated as five-year property for purposes of the deductions under the accelerated cost recovery system and eligible for the general business tax credit. Provides that amounts received from business interruption insurance used to construct replacement track and for related tunnel bore and grading expenditures will be treated as amounts realized from the involuntary conversion of property to which no gain or loss is recognized.…