IL HB2832

Creates the Short Line Railroad Infrastructure Modernization Act providing income tax credits to Class II and Class III railroads and owners/lessees of rail sidings, industrial spurs, or industry tracks for qualified reconstruction or replacement expenditures

Tax credit equals 50% of qualified railroad infrastructure expenditures (maintenance, reconstruction, replacement, new construction of leads/switches/spurs/sidings), capped at $3,500 per mile of track owned or leased in Illinois

Department of Transportation may award a maximum of $5,000,000 in total credits per calendar year; credits are nonrefundable but may be carried forward for 5 years and transferred to other Illinois taxpayers

Program applies to taxable years beginning January 1, 2026 through January 1, 2036, with the Act repealing on January 1, 2037

Amends the Freedom of Information Act to exempt confidential commercial or financial information submitted by applicants from public disclosure