The bill proposes the addition of a new section, 135.1210, to chapter 135 of the Revised Statutes of Missouri, establishing a tax credit for qualified railroad infrastructure investments. This tax credit is available to eligible taxpayers, which include short line railroad companies classified as Class II or Class III by the United States Surface Transportation Board, as well as owners or lessees of rail sidings and related infrastructure. The credit allows eligible taxpayers to claim a nonrefundable state tax credit equal to 50% of their qualified railroad expenditures or qualified new rail infrastructure expenditures, with specific caps on the amount of credit that can be claimed based on the type of expenditure. The bill outlines the process for claiming the tax credit, including the requirement for eligible taxpayers to submit a certificate of eligibility to the Missouri Department of Economic Development after completing the qualified expenditures. It also sets annual limits on the total amount of tax credits that can be issued for qualified railroad expenditures and new rail infrastructure expenditures, along with provisions for carrying forward unused credits and transferring them to eligible customers or vendors. Additionally, the bill mandates an annual report to the General Assembly detailing the tax credit transfers and investments made by eligible taxpayers, and it includes provisions for the promulgation of rules by the Department of Economic Development for the administration of the tax credit program.

Statutes affected:
Introduced (6454H.01): 135.1210