HB 1373

Bill Subjects

Income Taxes, Credits Railroads

Abstract

Provides that a railroad company that is classified as a Class II or Class III carrier is entitled to a credit against the railroad company's state income tax liability equal to 50% of the amount of qualified railroad expenditures or qualified new rail infrastructure expenditures made by the railroad company during the taxable year. Provides that: (1) for qualified railroad expenditures, the credit may not exceed an amount equal to the product of: (A) $5,000; multiplied by (B) the number of miles of railroad track owned or leased in Indiana by the taxpayer as of the close of the taxable year; and (2) the total amount of credits authorized for qualified railroad expenditures may not exceed $9,500,000 annually. Provides that: (1) for qualified new rail infrastructure expenditures, the amount of the credit may not exceed $500,000 for each project; and (2) the total amount of credits authorized for qualified new rail infrastructure expenditures may not exceed $10,000,000 annually.