Minnesota SF1046 modifies transfer and certification provisions for tax credits related to railroad infrastructure.

Minnesota SF1046 amends the tax credit provisions for Class II and III railroads in Minnesota. It modifies the transferability of tax credits related to qualified railroad reconstruction or replacement expenditures. Eligible taxpayers, defined as Class II or III railroads, can apply for a credit certificate from the commissioner of transportation. These certificates must be issued within 30 days of an approved application. Eligible taxpayers can transfer unused credits to eligible transferees, but only once per taxable year.

Minnesota SF1046 modifies transfer and certification provisions for tax credits related to railroad infrastructure.

Minnesota SF1046 amends the tax credit provisions for Class II and III railroads in Minnesota. It modifies the transferability of tax credits related to qualified railroad reconstruction or replacement expenditures. Eligible taxpayers, defined as Class II or III railroads, can apply for a credit certificate from the commissioner of transportation. These certificates must be issued within 30 days of an approved application. Eligible taxpayers can transfer unused credits to eligible transferees, but only once per taxable year.