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Committee hears bill to create tax credits and exemptions for short‑line railroad maintenance and upgrades
Summary
House Bill 1058 would create business‑and‑occupation (B&O) and public‑utility tax credits and a sales‑and‑use tax exemption to incentivize maintenance, modernization and new construction on short‑line (Class 2 and Class 3) railroad tracks. Transportation and port representatives, short‑line operators and environmental advocates
House Bill 1058 creates a package of tax credits and a sales‑and‑use tax exemption aimed at class 2 and class 3 (short‑line) railroads and eligible taxpayers doing maintenance, rehabilitation, modernization or new rail development in Washington.
Committee staff explained the proposal would allow credits equal to 50% of qualified costs for short‑line track maintenance (subject to a per‑mile cap), 50% of qualified costs for new rail development and 50% for modernization and rehabilitation (with per‑taxpayer and statewide caps). The bill also contains a sales‑and‑use tax exemption for materials purchased for track maintenance by eligible rail owners…
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