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AL SB186
Bill
Status
4/2/2019
Primary Sponsor
Bobby Singleton
Click for details
AI Summary
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Establishes a corporate income tax credit equal to 50 percent of qualified railroad reconstruction and replacement expenditures for Class II or Class III railroads beginning January 1, 2019.
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Credit amount is capped at $3,500 multiplied by the number of miles of railroad track owned or leased within the state by the eligible railroad during the taxable year.
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Allows unused credits to be transferred by written agreement to any taxpayer subject to state corporate or individual income tax, with transfers permitted during the qualification year and for five years following.
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Permits unused credits to be carried over for up to five years following the year the credit was originally allowed.
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Applies retroactively to tax year beginning January 1, 2019.
Legislative Description
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
Railroads
Last Action
Rereferred to Committee on Finance and Taxation Education
4/4/2019