Exempts newly manufactured railroad rolling stock from sales and compensating use taxes.

This bill amends the tax law to exempt newly manufactured railroad rolling stock from sales and compensating use taxes. "Railroad rolling stock" is defined as a device used exclusively on stationary rails or tracks to transport goods, commodities, or equipment, including flat cars, box cars, gondolas, hopper cars, and other freight railroad cars. The exemption takes effect on the first day of a sales tax quarterly period, at least 60 days after the act becomes law.

Exempts newly manufactured railroad rolling stock from sales and compensating use taxes.

This bill amends the tax law to exempt newly manufactured railroad rolling stock from sales and compensating use taxes. "Railroad rolling stock" is defined as a device used exclusively on stationary rails or tracks to transport goods, commodities, or equipment, including flat cars, box cars, gondolas, hopper cars, and other freight railroad cars. The exemption takes effect on the first day of a sales tax quarterly period, at least 60 days after the act becomes law.