Allows a nonrefundable tax credit for qualified railroad track expenditures, or qualified new rail infrastructure expenditures, in an amount equal to the taxpayer's qualified amount.

Beginning January 1, 2024, this bill allows a nonrefundable tax
credit for qualified railroad track expenditures, or for qualified
new rail infrastructure expenditures, in an amount equal to the taxpayer's qualified amount.

The amount of tax credits for qualified railroad track expenditures shall not exceed $4.5 million per tax year. The amount of tax credits for qualified new rail infrastructure expenditures shall not exceed $10 million per tax year. Any unused portion of a tax credit may be carried forward for up to five subsequent tax years. Under certain circumstances, a taxpayer may transfer all or a portion of the unused credit to any eligible customer, vendor, or taxpayer by way of a written agreement.

The Department of Economic Development shall submit an annual report to the General Assembly outlining tax credit transfers that take place each calendar year. The report will include a listing of the qualified railroad track and new rail infrastructure expenditures and a summary of the investments made by each eligible taxpayer.

Dead.

01/05/2023 Introduced in House and read first time.
01/09/2023 Read second time in House.
02/02/2023 Referred to House Committee on Workforce and Infrastructure Development.
02/08/2023 Public hearing completed.
03/01/2023 Executive Session completed.
03/02/2023 Passed House Committee on Workforce and Infrastructure Development.
03/08/2023 Referred to House Committee on Rules - Administrative Oversight.
03/20/2023 Executive Session completed.
03/20/2023 Passed from House Committee on Rules - Administrative Oversight.
03/27/2023 Placed on the Informal Perfection Calendar in House.
03/29/2023 Taken Up for Perfection in House.
03/29/2023 Adopted.
03/29/2023 Perfected in House.
03/30/2023 Referred for Fiscal Review.
04/03/2023 Executive Session completed.
04/03/2023 Placed on the Informal Third Reading Calendar in House.
04/19/2023 Placed back on Third Reading Calendar in House.
04/24/2023 Placed on the Informal Third Reading Calendar in House.
05/12/2023 Died upon adjournment.