WI SB213

Creates income and franchise tax credit equal to 50% of qualified short line railroad maintenance expenditures for Class II and Class III railroads, capped at $5,000 per mile of track owned or leased in Wisconsin

Provides 50% tax credit for qualified new rail infrastructure expenditures, capped at $2,000,000 per project, available to railroads and owners/lessees of rail sidings, industrial spurs, or industry tracks

Applies to taxable years beginning after December 31, 2024, and before January 1, 2035, for infrastructure and improvements placed in service after December 31, 2024

Department of Revenue may approve up to $10,000,000 in total new infrastructure credits per tax year on a first-come, first-served basis; claimants must receive DOR approval before claiming credits

Unused credits may be carried forward for 5 years, and credits may be sold or transferred to other Wisconsin taxpayers subject to DOR notification and certification