(a) (1) Subject to the limitation stated in subdivision (a)(2) of this section, there is allowed an income tax credit against the income tax imposed by this chapter in an amount equal to fifty percent (50%) of an eligible taxpayer's railroad track maintenance expenditures. (2) The amount of the income tax credit allowed an eligible taxpayer under this subsection shall not exceed the product of: (A) Five thousand dollars ($5,000); and (B) The number of miles of railroad track owned or leased within the state by the eligible taxpayer at the close of the taxable year. (b) The amount of the income tax credit under this section that may be claimed by a taxpayer in a tax year shall not exceed the amount of income tax due by the taxpayer. (c) Any unused income tax credit under this section may be carried forward for five (5) consecutive tax years following the tax year in which the income tax credit was earned. (d) (1) The income tax credit allowed under this section may be transferred: (A) By written agreement to a taxpayer subject to the income tax imposed by this chapter; and (B) At any time during the five (5) years following the year the income tax credit was originally earned by the eligible taxpayer. (2) The written agreement required for a transfer under this subsection shall: (A) Be filed jointly by the transferor and the transferee with the Department of Finance and Administration within thirty (30) days of the transfer; and (B) Contain the following information: (i) The name, address, and taxpayer identification number for the transferor and the transferee; (ii) The amount of the income tax credit being transferred; (iii) The year the income tax credit was originally earned by the eligible taxpayer under this section; and (iv) The remaining tax years for which the income tax credit may be claimed. Added by Act 2021, No. 967,§ 1, eff. for tax years beginning on or after January 1, 2021. (a) (1) Subject to the limitation stated in subdivision (a)(2) of this section, there is allowed an income tax credit against the income tax imposed by this chapter in an amount equal to fifty percent (50%) of an eligible taxpayer's railroad track maintenance expenditures. (2) The amount of the income tax credit allowed an eligible taxpayer under this subsection shall not exceed the product of: (A) Five thousand dollars ($5,000); and (B) The number of miles of railroad track owned or leased within the state by the eligible taxpayer at the close of the taxable year. (b) The amount of the income tax credit under this section that may be claimed by a taxpayer in a tax year shall not exceed the amount of income tax due by the taxpayer. (c) Any unused income tax credit under this section may be carried forward for five (5) consecutive tax years following the tax year in which the income tax credit was earned. (d) (1) The income tax credit allowed under this section may be transferred: (A) By written agreement to a taxpayer subject to the income tax imposed by this chapter; and (B) At any time during the five (5) years following the year the income tax credit was originally earned by the eligible taxpayer. (2) The written agreement required for a transfer under this subsection shall: (A) Be filed jointly by the transferor and the transferee with the Department of Finance and Administration within thirty (30) days of the transfer; and (B) Contain the following information: (i) The name, address, and taxpayer identification number for the transferor and the transferee; (ii) The amount of the income tax credit being transferred; (iii) The year the income tax credit was originally earned by the eligible taxpayer under this section; and (iv) The remaining tax years for which the income tax credit may be claimed. Added by Act 2021, No. 967,§ 1, eff. for tax years beginning on or after January 1, 2021. (a) (1) Subject to the limitation stated in subdivision (a)(2) of this section, there is allowed an income tax credit against the income tax imposed by this chapter in an amount equal to fifty percent (50%) of an eligible taxpayer's railroad track maintenance expenditures. (2) The amount of the income tax credit allowed an eligible taxpayer under this subsection shall not exceed the product of: (A) Five thousand dollars ($5,000); and (B) The number of miles of railroad track owned or leased within the state by the eligible taxpayer at the close of the taxable year. (b) The amount of the income tax credit under this section that may be claimed by a taxpayer in a tax year shall not exceed the amount of income tax due by the taxpayer. (c) Any unused income tax credit under this section may be carried forward for five (5) consecutive tax years following the tax year in which the income tax credit was earned. (d) (1) The income tax credit allowed under this section may be transferred: (A) By written agreement to a taxpayer subject to the income tax imposed by this chapter; and (B) At any time during the five (5) years following the year the income tax credit was originally earned by the eligible taxpayer. (2) The written agreement required for a transfer under this subsection shall: (A) Be filed jointly by the transferor and the transferee with the Department of Finance and Administration within thirty (30) days of the transfer; and (B) Contain the following information: (i) The name, address, and taxpayer identification number for the transferor and the transferee; (ii) The amount of the income tax credit being transferred; (iii) The year the income tax credit was originally earned by the eligible taxpayer under this section; and (iv) The remaining tax years for which the income tax credit may be claimed. Added by Act 2021, No. 967,§ 1, eff. for tax years beginning on or after January 1, 2021. (a) (1) Subject to the limitation stated in subdivision (a)(2) of this section, there is allowed an income tax credit against the income tax imposed by this chapter in an amount equal to fifty percent (50%) of an eligible taxpayer's railroad track maintenance expenditures. (2) The amount of the income tax credit allowed an eligible taxpayer under this subsection shall not exceed the product of: (A) Five thousand dollars ($5,000); and (B) The number of miles of railroad track owned or leased within the state by the eligible taxpayer at the close of the taxable year. (1) Subject to the limitation stated in subdivision (a)(2) of this section, there is allowed an income tax credit against the income tax imposed by this chapter in an amount equal to fifty percent (50%) of an eligible taxpayer's railroad track maintenance expenditures. (2) The amount of the income tax credit allowed an eligible taxpayer under this subsection shall not exceed the product of: (A) Five thousand dollars ($5,000); and (B) The number of miles of railroad track owned or leased within the state by the eligible taxpayer at the close of the taxable year. (A) Five thousand dollars ($5,000); and (B) The number of miles of railroad track owned or leased within the state by the eligible taxpayer at the close of the taxable year. (b) The amount of the income tax credit under this section that may be claimed by a taxpayer in a tax year shall not exceed the amount of income tax due by the taxpayer. (c) Any unused income tax credit under this section may be carried forward for five (5) consecutive tax years following the tax year in which the income tax credit was earned. (d) (1) The income tax credit allowed under this section may be transferred: (A) By written agreement to a taxpayer subject to the income tax imposed by this chapter; and (B) At any time during the five (5) years following the year the income tax credit was originally earned by the eligible taxpayer. (2) The written agreement required for a transfer under this subsection shall: (A) Be filed jointly by the transferor and the transferee with the Department of Finance and Administration within thirty (30) days of the transfer; and (B) Contain the following information: (i) The name, address, and taxpayer identification number for the transferor and the transferee; (ii) The amount of the income tax credit being transferred; (iii) The year the income tax credit was originally earned by the eligible taxpayer under this section; and (iv) The remaining tax years for which the income tax credit may be claimed. (1) The income tax credit allowed under this section may be transferred: (A) By written agreement to a taxpayer subject to the income tax imposed by this chapter; and (B) At any time during the five (5) years following the year the income tax credit was originally earned by the eligible taxpayer. (A) By written agreement to a taxpayer subject to the income tax imposed by this chapter; and (B) At any time during the five (5) years following the year the income tax credit was originally earned by the eligible taxpayer. (2) The written agreement required for a transfer under this subsection shall: (A) Be filed jointly by the transferor and the transferee with the Department of Finance and Administration within thirty (30) days of the transfer; and (B) Contain the following information: (i) The name, address, and taxpayer identification number for the transferor and the transferee; (ii) The amount of the income tax credit being transferred; (iii) The year the income tax credit was originally earned by the eligible taxpayer under this section; and (iv) The remaining tax years for which the income tax credit may be claimed. (A) Be filed jointly by the transferor and the transferee with the Department of Finance and Administration within thirty (30) days of the transfer; and (B) Contain the following information: (i) The name, address, and taxpayer identification number for the transferor and the transferee; (ii) The amount of the income tax credit being transferred; (iii) The year the income tax credit was originally earned by the eligible taxpayer under this section; and (iv) The remaining tax years for which the income tax credit may be claimed. (i) The name, address, and taxpayer identification number for the transferor and the transferee; (ii) The amount of the income tax credit being transferred; (iii) The year the income tax credit was originally earned by the eligible taxpayer under this section; and (iv) The remaining tax years for which the income tax credit may be claimed.
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