House Bill 532

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Last Action recommitted to Appropriations & Revenue (H)
Title AN ACT relating to tax credits for railroad infrastructure improvements.
Bill Documents Bill
Impact Statements Fiscal Note
Bill Request Number 966
Sponsors F. Nesler, H. Collins, E. Ballard, L. Belcher, S. Brinkman, J. Comer Jr., W. Coursey, B. Damron, M. Denham, J. Gooch Jr., D. Horlander, C. Miller, M. Rader, S. Rudy, J. Stacy, G. Stumbo, T. Thompson, T. Turner, J. Vincent, R. Wilkey, B. Yonts
Summary of Original Version Create new sections of KRS Chapter 141 to establish railroad infrastructure maintenance and improvement tax credit for Class II and III railroads; set credit at 50 percent of qualified expenditures, with a credit cap of $4,500 per mile of track, and allow credit to be assigned to a shipper using the rails who pays for the improvements; establish a railroad grade crossing improvement tax credit to improve existing rail crossings; set credit at 25 percent of expenditures, with a credit cap of $1,000,000 statewide each year; establish system of prorating credits among railroad companies if more than $1,000,000 of credits are sought; establish a railroad energy expansion tax credit for rail expansion or upgrade of rail facilities to transport fossil or biomass resources; set credit at 25 percent of expenditures, with a credit cap of $1,000,000 statewide each year; establish system of prorating credits among railroad companies if more than $1,000,000 of credits are sought; specify that an expenditure that qualifies for more than one of the tax credits established by the Act may only be claimed as a credit under one section; amend KRS 141.0205 to place the credits established under the Act in the tax credit priority list; provide that the provisions of the Act apply to taxable years beginning after December 31, 2008.
Index Headings of Original Version Railroads - Railroad improvement tax credits, establish
Taxation - Railroad improvement tax credits, establish
Taxation, Income--Corporate - Railroad improvement tax credits, establish

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02/13/08
  • introduced in House
02/15/08
  • to Transportation (H)
02/21/08
  • posted in committee
02/26/08
  • reported favorably, 1st reading, to Calendar
02/27/08
  • 2nd reading, to Rules
  • recommitted to Appropriations & Revenue (H)


Last updated: 1/16/2019 5:01 PM (EST)