AL SB190

Adds new Section 40-21-52.1 to Alabama Code to establish a tax credit for freight lines and equipment companies based on eligible expenses for railroad car maintenance, repair, and improvement.

Defines eligible expenses as labor, materials, overhead, and payments to third parties incurred in Alabama to maintain, repair, or improve railroad cars.

Allows freight lines and equipment companies a credit equal to 100 percent of eligible expenses incurred during the immediately preceding taxable year against their license tax liability.

Limits the credit to not exceed the company's license tax liability for any year in which the credit is claimed.

Requires the Commissioner of the Department of Revenue to promulgate rules and procedures for documenting and claiming the credit, effective immediately upon passage and gubernatorial approval.