HB 1297 Summary

• Establishes a transportation and logistics income tax credit equal to 25% of new qualified expenditures made before January 1, 2019, minus average expenditures from the prior two years.

• Allows credit for expenditures on homeland security measures, transportation/logistics facility improvements, goods transportation improvements (highway, rail, water, air), and warehouse/logistics upgrades.

• Credit is limited to $25,000,000 per state fiscal year and cannot exceed a taxpayer's state tax liability; unused credits may be carried forward for up to nine years but cannot be refunded or transferred.

• Requires taxpayers to file applications with the Department of Revenue in chronological order; credits are approved first-come, first-served up to the annual limit.

• Mandates annual reporting to the state budget committee by December 15 with summary information and details on each taxpayer claiming the credit, including name, address, and credit amount claimed.