HB2941

Missouri HB2941 authorizes a state tax credit for certain railroad expenses.

Missouri HB2941 creates a tax credit for qualified railroad expenditures and qualified new rail infrastructure expenditures. Eligible taxpayers include Class II or III railroads and owners or lessees of rail sidings, industrial spurs, or industry tracks. The credit is limited to 50% of qualified expenditures, with caps of $4.5 million annually for railroad expenditures and $10 million for new rail infrastructure. The credit can be carried forward for up to five years and transferred to other eligible taxpayers. The program will sunset six years after its effective date unless reauthorized.