SB 269 Summary

• Amends the railroad reconstruction tax credit under 68 O.S. Section 2357.104, changing the deadline for earning credits from July 1, 2012 to January 1, 2012

• Credits earned during calendar year 2012 cannot be claimed until calendar year 2013 or later

• Allows Class II and Class III railroads to claim a tax credit equal to 50% of qualified railroad reconstruction or replacement expenditures, subject to annual dollar limits and mileage calculations

• Credit is transferable to subsequent taxpayers for up to 5 years and can be carried over for 5 years if unused

• Effective date: November 1, 2011