WV SB722

Creates a nonrefundable tax credit equal to 50% of qualified expenditures for short line railroad maintenance and new rail infrastructure in West Virginia, applicable to Class II and Class III railroads.

Limits the maintenance expenditure credit to $5,000 per mile of railroad track owned, leased, or operated in the state by the eligible taxpayer.

Caps new rail infrastructure credits at $2 million per individual project and $5 million annually for all eligible taxpayers.

Allows unused credits to be carried forward for up to five subsequent tax years and permits credits to be transferred or sold to other taxpayers.

Requires the Tax Commissioner to submit accountability reports every two years evaluating the credit's cost-effectiveness, and sunsets the program on July 1, 2030.