Freight Rail Infrastructure Capacity Expansion Act of 2007

Freight Rail Infrastructure Capacity Expansion Act of 2007 - Amends the Internal Revenue Code to allow: (1) a tax credit for 25% of the cost of new qualified freight rail infrastructure property and new qualified locomotive property; and (2) a taxpayer election to expense the cost of qualified freight rail infrastructure property (i.e., deduct all costs in the current taxable year). Terminates such credit and expensing election after 2012.