SB592

West Virginia Short Line Railroad Modernization Act provides tax credits for qualified rail infrastructure and maintenance expenditures.

The West Virginia Short Line Railroad Modernization Act establishes a tax credit for eligible taxpayers who incur qualified short line railroad maintenance expenditures and qualified new rail infrastructure expenditures. The tax credit is equal to 50 percent of the expenditures. Eligible taxpayers include short line railroad companies and owners or lessees of rail sidings, industrial spurs, or industry tracks. The credit is limited to $2 million per project and $5 million in aggregate per taxable year. The credit can be carried over to subsequent years and transferred to other taxpayers.