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Senate committee advances bill creating tax credits for short‑line railroads
Summary
The Senate Transportation and Infrastructure Committee voted to report Senate Bill 722 to the full Senate with a recommendation that it pass; the bill would create two 50% tax credits to support maintenance and new infrastructure for class 2 and 3 short‑line railroads in West Virginia and carries reporting and fiscal provisions.
CHARLESTON, W.Va. — The Senate Transportation and Infrastructure Committee voted to report Senate Bill 722 to the full Senate with a recommendation that it pass, sending the measure first to the Committee on Finance for its fiscal review.
Senate Bill 722 would create the West Virginia Short Line Railroad Modernization Act, adding a new article in the state tax code to permit two separate tax credits for eligible short‑line railroads. The first is a credit equal to 50% of qualified short‑line maintenance expenditures, capped at $5,000 per mile of track owned, leased or operated in West Virginia at the end of the calendar year. The second is a credit equal to 50% of qualified new rail infrastructure expenditures; it would be capped at $2 million per individual project and $5 million in the aggregate per year.
The bill allows credits to be used against personal income, business…
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