Bill > SB106

This bill creates the Short Line Railroad Modernization Income Tax Credit and the Short Line Railroad Modernization Corporate Income Tax Credit. The tax credits are available to owners of eligible class 2 or class 3 railroads in New Mexico who incur qualified reconstruction, replacement, or new infrastructure expenditures for short line railroad track. The tax credit is equal to 50% of the eligible expenditures, up to $5,000 per mile of track owned or leased, or $500,000 per new rail-served customer project. Taxpayers must apply for a certificate of eligibility from the Department of Transportation to claim the credit. The credits can be carried forward for up to 5 years if they exceed the taxpayer's liability. The bill applies to taxable years beginning on or after January 1, 2022.

Budget and Finance

https://www.nmlegis.gov/Legislation/Legislation?chamber=S&legtype=B&legno=106&year=22