Illinois HB4703 creates a tax credit for qualified railroad expenditures and new rail infrastructure investments.
HB4703, the Short Line Railroad Modernization Act, establishes a tax credit for qualified railroad expenditures and new rail infrastructure investments in Illinois. The credit is available for expenditures on maintenance, reconstruction, or replacement of existing railroad infrastructure and new track infrastructure such as industrial leads, switches, spurs, sidings, rail loading docks, and transloading structures. The Department of Revenue evaluates eligibility and issues tax credit certificates.
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