The West Virginia Short Line Railroad Modernization Act establishes a framework for providing tax credits to eligible short line railroad companies and owners or lessees of rail sidings in West Virginia. The Act defines key terms and outlines the criteria for qualifying expenditures, which include both maintenance and new infrastructure improvements. Eligible taxpayers can receive a nonrefundable tax credit equal to 50% of their qualified expenditures, with specific limitations on the total amount of credits available for maintenance and new infrastructure projects. The Act also details the application process for claiming these credits, including the requirement for a certificate of eligibility and the ability to transfer or carry forward unused credits.

Additionally, the Act mandates a review and accountability process, requiring the Tax Commissioner to report on the effectiveness of the tax credits every two years, starting three years after the Act's passage. The provisions of the Act will expire on July 1, 2030, unless reenacted by the Legislature, ensuring that no tax credits will be available for expenditures incurred after this date. This legislation aims to support the modernization of short line railroads in West Virginia, promoting infrastructure development and economic growth in the region.

Statutes affected:
Introduced Version: 11-13NN-1, 11-13NN-2, 11-13NN-3, 11-13NN-4, 11-13NN-5, 11-13NN-6, 11-13NN-7
Committee Substitute: 11-13NN-1, 11-13NN-2, 11-13NN-3, 11-13NN-4, 11-13NN-5, 11-13NN-6, 11-13NN-7, 11-13NN-8
Enrolled Committee Substitute: 11-13NN-1, 11-13NN-2, 11-13NN-3, 11-13NN-4, 11-13NN-5, 11-13NN-6, 11-13NN-7, 11-13NN-8