Bill > HB1070

This bill increases and extends an existing income tax credit for "Class III railroads," which are defined as smaller rail carriers regulated by the U.S. Surface Transportation Board, for expenditures on maintaining their railroad tracks. Specifically, the bill raises the maximum credit amount from $3,500 to $5,000 per mile of track owned or leased in Georgia, and it extends the availability of this credit from December 30, 2026, to December 31, 2027. The bill also clarifies that expenditures used to qualify for federal tax credits or those funded by state or federal grants are not eligible for this Georgia tax credit, and it extends the deadline for assigning unused credits to another taxpayer and for the credit's automatic repeal to January 1, 2028.