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Senate Ways & Means hears bill creating tax credits and exemptions for short‑line railroad maintenance and recycling
Summary
Senate Bill 5063 would create B&O and public utility tax credits and a sales and use tax exemption to support Class II and III (short‑line) railroads, with per‑taxpayer and statewide caps and sunset dates; port and short‑line representatives testified in strong support.
Alia Kennedy, staff to the Senate Ways & Means Committee, briefed the committee Jan. 28 on Senate Bill 5063, which would create tax incentives directed at Class II and Class III railroads and eligible taxpayers, including ports and publicly owned railroads.
Kennedy said the bill creates business and occupation and public utility tax credits equal to 50% of qualified maintenance costs for short‑line railroad maintenance, capped at $2,500 multiplied by the number of miles of track owned or leased in the state at year‑end. A separate credit for railroad modernization or new rail development would be 50% of costs up to $500,000 per taxpayer per year and subject to a statewide annual…
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