Code of Alabama - Title 37: Public Utilities and Public Transportation - Chapter 11C - Railroad Modernization Act of 2019

• Section 37-11C-1 Short title
  This chapter shall be known and may be cited as The Railroad Modernization Act of 2019.
• Section 37-11C-2 Definitions
  As used in this chapter, the following words shall have the following meanings: (1) CLASS II RAILROAD. A carrier classified as a Class II railroad...
• Section 37-11C-3 Standards for approval of qualified railroad rehabilitation expenditures; application for tax credits; completion of project; tax credit certificate; fees; annual report
  (a) By December 1, 2019, the Department of Commerce shall develop standards for the approval of qualified railroad rehabilitation expenditures for which a tax credit...
• Section 37-11C-4 Allowance and claim of tax credits; Railroad Rehabilitation Income Tax Credit Account; written transfer agreements
  (a) For tax years beginning after December 31, 2019, there is a credit allowed against the state income tax levied by Section 40-18-2 equal to...
• Section 37-11C-5 Rulemaking authority; applications for reservation of tax credits
  By October 1, 2019, the Department of Commerce shall adopt any and all rules necessary to implement this chapter. Applications for the reservation of tax...
• Section 37-11C-6 Duration of tax credits
  The tax credit allowed under this chapter shall be effective for the 2020 tax year and shall continue through the 2022 tax year, unless extended...

Last modified: May 3, 2021