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House file 1697 would fix transferability error in short-line rail tax credit
Summary
A bill from Rep. Elkins would correct language in the 2023 omnibus tax law to restore predictable transferability and implementation mechanics for the short-line rail infrastructure tax credit; the committee laid the bill over for possible inclusion in the omnibus tax bill.
Representative Elkins told the Minnesota House Taxes Committee that short-line railroads across the state face major maintenance needs and that the tax credit enacted in 2023 requires technical correction to work as intended. “Short line railroads across the state collectively have maintenance and construction needs of upwards of $274,000,000 in the next 5 years,” Elkins said, adding that many lines still run on 90‑pound rail instead of today’s heavier standards.
Elkins said the 2023 law created an income tax credit—the Short Line Infrastructure Modernization (SLIM) credit—equal to 50% of…
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