Expands income tax credit for railroad track maintenance to include certain premium taxes and allows transfer of unused credits.

Kansas HB2469 expands the income tax credit for qualified railroad track maintenance expenditures to include credits against certain premium taxes, privilege fees, and privilege taxes. The bill allows eligible taxpayers to transfer unused credits to any individual or entity subject to such taxes. Eligible taxpayers include class II or III railroads and owners or lessees of rail sidings adjacent to such railroads. The credit is limited to 50% of qualified expenditures, with a cap of $5,000 per rail siding and $8,720,000 per year. Unused credits can be carried forward for up to five years.

Expands income tax credit for railroad track maintenance to include certain premium taxes and allows transfer of unused credits.

Kansas HB2469 expands the income tax credit for qualified railroad track maintenance expenditures to include credits against certain premium taxes, privilege fees, and privilege taxes. The bill allows eligible taxpayers to transfer unused credits to any individual or entity subject to such taxes. Eligible taxpayers include class II or III railroads and owners or lessees of rail sidings adjacent to such railroads. The credit is limited to 50% of qualified expenditures, with a cap of $5,000 per rail siding and $8,720,000 per year. Unused credits can be carried forward for up to five years.