Washington SB5063 provides tax credits for freight railroad infrastructure improvements.

Washington SB5063 provides tax credits for eligible taxpayers investing in freight railroad infrastructure. Eligible taxpayers include class II and class III railroads, railroads owned by ports, cities, or counties, and owners or lessees of rail sidings, industrial spurs, or industry tracks. The bill defines eligible expenditures for tax credits, including new rail development, modernization, and rehabilitation projects. Credits are allowed for up to 50% of qualified expenditures, with a maximum annual credit of $500,000 per taxpayer.

Washington SB5063 provides tax credits for freight railroad infrastructure improvements.

Washington SB5063 provides tax credits for eligible taxpayers investing in freight railroad infrastructure. Eligible taxpayers include class II and class III railroads, railroads owned by ports, cities, or counties, and owners or lessees of rail sidings, industrial spurs, or industry tracks. The bill defines eligible expenditures for tax credits, including new rail development, modernization, and rehabilitation projects. Credits are allowed for up to 50% of qualified expenditures, with a maximum annual credit of $500,000 per taxpayer.