Florida Florida Statutes

§ 220.1915 — Credit for qualified railroad reconstruction or replacement expenditures

FS § 220.1915Ch. 220

Statute text

[1] For purposes of this section:(a) “Qualified expenditures” means gross expenditures made in this state by a qualifying railroad during the taxable year in which the credit is claimed, provided such expenditures were made on track that was owned or leased by a qualifying railroad on the last day of the prior calendar year, and were:1. For the maintenance, reconstruction, or replacement of railroad infrastructure, including track, roadbed, bridges, industrial leads and sidings, or track-related structures which were owned or leased by the qualifying railroad; or 2. For new construction by the qualifying railroad of industrial leads, switches, spurs and sidings, and extensions of existing sidings located in this state.

(b)“Qualifying railroad” means any Class II or Class III railroad operating in this state on the last day of the calendar year prior to the taxable year for which the credit is claimed, pursuant to the classifications in effect for that year as set by the United States Surface Transportation Board or its successor. [1](2)(a) For taxable years beginning on or after January 1, 2023, a qualifying railroad is eligible for a credit against the tax imposed by this chapter if it has qualified expenditures in this state in the taxable year.

(b)The credit allowed under this section is equal to 50 percent of a qualifying railroad's qualified expenditures incurred in this state in the taxable year, as limited by paragraph (c).

(c)The amount of the credit may not exceed the product of $3,500 and the number of miles of railroad track owned or leased within this state by the qualifying railroad as of the end of the calendar year prior to the taxable year in which the qualified expenditures were incurred. The Department of Transportation shall certify to the department the number of miles of railroad track within this state that each qualifying railroad owned or leased on the last day of each calendar year. Such certification must be provided to the department no later than the last business day of January for the prior year ending December 31. [1](3)(a) A qualifying railroad must submit to the department an application including any documentation or information required by the department to demonstrate eligibility for the credit allowed under this section. Such application must specify the taxable year for which the credit is requested, and may be filed at any time during that taxable year once the qualifying expenditures have been made. The application must be filed no later than May 1 of the year following the year in which the qualifying expenditures were made.

…

Legislative history

s. 32, ch. 2023-157; s. 17, ch. 2024-2.