The bill amends Minnesota Statutes 2024, specifically section 290.0695, to modify the definitions and provisions related to credit certificates for railroad infrastructure expenditures. It introduces new definitions, including "credit certificate" and "transfer credit certificate," while removing the previous wording that referred to "purpose" and other definitions. The bill clarifies that eligible taxpayers must apply for a credit certificate from the commissioner of transportation, which must be issued within 30 days if approved. The credit certificate will detail the qualified expenditures and the total credit amount.

Additionally, the bill outlines the transferability of credit certificates, allowing eligible taxpayers to transfer unused credits under specific conditions. It specifies that the amount transferred can include any unused credit stated in the certificate or the entire credit carryover for up to five succeeding taxable years. The bill also mandates that a written transfer agreement must be filed with the commissioner within 30 days of the transfer, and it restricts the transfer of credits to once per taxable year. The amendments are effective retroactively for taxable years beginning after December 31, 2022.

Statutes affected:
Introduction: 290.0695