Bill > HF655

This bill establishes a shortline railroad restoration tax credit in Iowa. The key provisions include: 1. Defining terms like "qualifying shortline railroad restoration project", "railroad infrastructure", and "tax credit". 2. Specifying the eligibility requirements for the tax credit, including being classified as a Class II or III railroad and having qualifying restoration project expenditures. 3. Outlining the calculation of the tax credit, which is 50% of the total qualifying expenditure up to a maximum amount based on the railroad's class and mileage. 4. Allowing the tax credit to be claimed against various state taxes, including individual income tax, corporate income tax, franchise tax, and the moneys and credits tax. 5. Authorizing the Department of Revenue to administer the tax credit program, including issuing certificates and adopting rules. 6. Providing that the tax credit is effective immediately upon enactment and applies retroactively to January 1, 2019.

Budget and Finance

Transportation (H)

https://www.legis.iowa.gov/legislation/BillBook?ga=88&ba=HF655