In addition to the links provided elsewhere regarding the current project in El Dorado County, here are some other pointers relevant to the line:

Sacramento Placerville Transportation Corridor Joint Powers Authority
Sacramento and El Dorado Counties, the City of Folsom, and Sacramento RT own the property the line is on. The JPA is supposed to manage it.

P&SVRR operates train rides (mostly speeder-based) on sections of the line.

FEDSHRA is the historic educational branch of the groups operating on the line. Activity is concentrated in the Folsom area but they are involved with the whole line.

Sacramento RT runs the Gold Line light rail from downtown Sacramento to Historic Folsom, mostly along the original Sacramento Valley Railroad route east of about 20th Street in Sacramento. Little of the original line is left, but the route itself is in daily use. Freight service continues on a parallel track from Brighton (between 65th Street and Power Inn Road, where the light rail line crosses the UP (former SP) Fresno Sub (CP SP042) east to just past Hazel Ave (Hazel light rail station). If you ride light rail, watch on the east side of the track near the Bidwell Street crossing (the one after Glenn Drive heading toward Historic Folsom); the cut-off wye tracks to the Placerville line and some parked rolling stock are visible.

9th Circuit court decision (1989) which prohibited outright abandonment of the Placerville line. So, although now cut off from connection with the general railroad system by widening of Folsom Boulevard and, later, construction of the light rail line, it's possible that the Placerville line is just "out of service" though no longer owned by the railroad (see JPA above).

STB 9/18/1996 exemption notice regarding JPA acquisition of the operating freight line between Brighton and Nimbus (just east of Hazel Ave.). No further action appears in searching the Federal Register, although a decision regarding the JPA's possible common carrier obligations was promised. That doesn't mean there aren't any - we know there was a ICC abandonment denial in 1987 from the record of that court case (above), and we know that the JPA members acquired the line between 1991 and 1996 based on the JPA's web site and the ICC exemption notice above.