SB 722
Creating WV Short Line Railroad Modernization Act
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- Passed Senate
- Passed House of Delegates
- To Governor
- Became Law
Bill overview
This bill, the West Virginia Short Line Railroad Modernization Act, creates a tax credit program to encourage investment in West Virginia’s short line railroads. It defines eligible taxpayers as short line railroads or owners/lessees of related rail infrastructure. The credit is 50% of qualified maintenance or new infrastructure expenditures, with limitations based on track mileage and project size. The bill also establishes requirements for claiming the credit, including submitting certificates and outlines procedures for using, carrying forward, and transferring unused credits, along with a review process to assess the program's effectiveness.
Key provisions
- Creates a tax credit for short line railroads and related infrastructure owners.
- Defines eligible taxpayers and qualified expenditures (maintenance and new infrastructure).
- Provides a 50% tax credit for qualified maintenance expenditures, capped by track mileage.
- Offers a 50% tax credit for qualified new infrastructure expenditures, with project size limits.
- Requires certificate submission to claim the credit.
- Allows for carrying forward and transferring unused tax credits.
- Mandates a periodic review and accountability report on the program's effectiveness.
Who is affected
- Short line railroads in West Virginia
- Owners and lessees of rail sidings and industrial spurs
- Taxpayers subject to West Virginia state income taxes
- The West Virginia State Tax Commissioner
Notable changes
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