Washington HB1058 provides tax credits for freight railroad infrastructure improvements.

Washington HB1058 provides tax credits to incentivize improvements to freight railroad infrastructure. Eligible taxpayers include class II and III railroads, railroads owned by ports, cities, or counties, and owners or lessees of rail sidings, industrial spurs, or industry tracks. The bill allows credits for qualified short line railroad maintenance expenditures, new rail development expenditures, and railroad modernization and rehabilitation expenditures. Credits can be transferred and carried forward for up to five years.

Washington HB1058 provides tax credits for freight railroad infrastructure improvements.

Washington HB1058 provides tax credits to incentivize improvements to freight railroad infrastructure. Eligible taxpayers include class II and III railroads, railroads owned by ports, cities, or counties, and owners or lessees of rail sidings, industrial spurs, or industry tracks. The bill allows credits for qualified short line railroad maintenance expenditures, new rail development expenditures, and railroad modernization and rehabilitation expenditures. Credits can be transferred and carried forward for up to five years.