OK HB3204

Reduces railroad rehabilitation tax credits by 25% for all taxable years beginning on or after January 1, 2016, while exempting credits carried forward from prior tax years.

Credits apply only to Class II and Class III railroads for qualified expenditures including track reconstruction, bridge repairs, industrial leads, and new siding construction.

Credit amount limited to $500 per mile of track for tax year 2007 and $2,000 per mile for 2008 and subsequent years, with option to increase limit to three times the base amount starting in tax year 2009.

Unused credits are transferable to other taxpayers within five years of qualification and can be carried forward for five additional years.

Effective date is January 1, 2016.