Alabama HB190 amends the Railroad Modernization Act of 2019 to increase tax credit caps and extend the program through 2032.

Alabama HB190 amends the Railroad Modernization Act of 2019 to increase the per mile credit amount, raise the annual cap on income tax credits, and extend the sunset date through 2032. The bill adjusts the tax credit limits for different periods, allowing eligible taxpayers to claim credits for qualified railroad rehabilitation expenditures. The tax credits are transferable and assignable by written agreement, subject to Department of Revenue requirements. The act also establishes a Railroad Rehabilitation Income Tax Credit Account within the Education Trust Fund to manage the credits.

Alabama HB190 amends the Railroad Modernization Act of 2019 to increase tax credit caps and extend the program through 2032.

Alabama HB190 amends the Railroad Modernization Act of 2019 to increase the per mile credit amount, raise the annual cap on income tax credits, and extend the sunset date through 2032. The bill adjusts the tax credit limits for different periods, allowing eligible taxpayers to claim credits for qualified railroad rehabilitation expenditures. The tax credits are transferable and assignable by written agreement, subject to Department of Revenue requirements. The act also establishes a Railroad Rehabilitation Income Tax Credit Account within the Education Trust Fund to manage the credits.