Sec. 9. (a) Subject to subsection (b), if the department certifies a taxpayer under section 8 of this chapter, the taxpayer is entitled to a tax credit against the taxpayer's state tax liability equal to: (1) the taxpayer's: (A) qualified railroad expenditures; or (B) qualified new rail infrastructure expenditures; multiplied by (2) fifty percent (50%). (b) The amount of a tax credit allowed under subsection (a) shall not exceed the following: (1) For qualified railroad expenditures, the product of: (A) the number of miles of Class II or Class III railroad track owned or leased by the taxpayer in Indiana at the close of the taxable year; multiplied by (B) three thousand five hundred dollars ($3,500). (2) For qualified new rail infrastructure expenditures, the lesser of: (A) fifty percent (50%) of the qualified new rail expenditures for each new rail served customer project completed by the taxpayer in the taxable year; or (B) five hundred thousand dollars ($500,000) per rail served customer project.
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