SB 186

Sponsors

Session

Regular Session 2019

Title

Railroads, Class II or Class III, corporate income tax credit for railroad reconstruction and replacements expenditures, transfer to taxpayers subject to corporate or indiv. income tax

Description

This bill would provide a corporate income tax credit for up to 50 percent of qualified railroad reconstruction and replacement expenditures by a Class II or Class III railroad

The amount of the credit would be based on a dollar figure times the number of miles of railroad track owned or leased in the state by an eligible railroad. The income tax credit would be eligible to be transferred by written agreement to a taxpayer subject to state corporate or individual income tax. The bill would be retroactive to the tax year beginning January 1, 2019

Relating to railroad infrastructure; to authorize a corporate income tax credit for eligible taxpayer for qualified railroad reconstruction and replacement expenditures by certain railroads; to provide for the transfer of the credits under certain conditions to eligible taxpayers subject to corporate or individual income tax; to provide for the carryover of the tax credit; and to provide for retroactive effect to January 1, 2019.

Subjects

Railroads