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.
|April 4, 2019
|Rereferred to Committee on Finance and Taxation Education
|April 2, 2019
|Read for the first time and referred to the Senate committee on Finance and Taxation General Fund
|SB186 Alabama 2019 Session - Introduced