HB2832

Illinois HB2832 establishes a tax credit for qualified railroad reconstruction or replacement expenditures by eligible taxpayers.

HB2832, known as the Short Line Railroad Infrastructure Modernization Act, creates a tax credit for eligible taxpayers who incur qualified railroad reconstruction or replacement expenditures. Eligible taxpayers include Class II or Class III railroads and owners or lessees of rail sidings, industrial spurs, or industry tracks. The credit is equal to 50% of the qualified expenditures, up to certain limits. The credit can be transferred to eligible transferees and must be applied to the earliest tax year with a liability.