Bill > H0061

This bill adds a new section to existing law to provide an income tax credit for short line railroad infrastructure investment and maintenance. The credit is equal to 40% of qualified railroad expenditures paid or incurred by eligible taxpayers, which are short line railroad companies that operate partly or wholly in Idaho and are classified as Class II or Class III railroads. The credit is capped at $3,500 per mile of railroad track owned or leased by the eligible taxpayer in Idaho. The credit can be used in the year it is earned or carried forward for up to 5 years, and can be transferred one time to an eligible customer or vendor. The bill also requires the state tax commission to promulgate rules governing the allowance of the credit and to prepare an annual report for the legislature on the credits approved.

Budget and Finance

Revenue and Taxation Committee (House)

https://legislature.idaho.gov/sessioninfo/2019/legislation/H0061/