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IN HB1385
Bill
Status
1/14/2015
Primary Sponsor
Terry Goodin
Click for details
AI Summary
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Increases the percentage of state gross retail and use taxes deposited into the industrial rail service fund from 0.029% to 0.099% of annual tax collections.
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Authorizes the Indiana Department of Transportation to make grants from the IRSF to Class II and Class III railroads to reimburse public safety expenditures, including railroad crossing construction, maintenance, repair, and safety equipment installation.
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Limits grants for railroad infrastructure rehabilitation or construction to a maximum of 20% of the gross sales and use tax receipts deposited in the IRSF during the preceding fiscal year.
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Requires grant recipients to contribute at least 25% of project costs, with the IRSF covering no more than 75% of project expenses.
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Becomes effective July 1, 2015, and applies to state gross retail and use taxes collected after June 30, 2015.
Legislative Description
Industrial rail service fund. Increases the amount of state gross and retail and use taxes deposited into the industrial rail service fund (IRSF) from 0.029% to 0.099% of the taxes collected each year. Authorizes the Indiana department of transportation to make grants from the IRSF to reimburse a Class II or a Class III railroad for public safety expenditures. Provides that a grant from the IRSF to a Class II or a Class III railroad for the rehabilitation of railroad infrastructure or railroad construction may not exceed 20% of the gross sales and use tax receipts deposited in the IRSF
Last Action
Representative Wesco added as coauthor
2/5/2015