- (a) Acts 2021, No. 967, created the Railroad Modernization Act of 2021.
- (b) Acts 2021, No. 967, authorizes eligible taxpayers to claim an income tax credit in the amount of fifty percent (50%) of railroad track maintenance expenditures up to the limits set forth in Acts 2021, No. 967.
(c) In accordance with Arkansas Code § 26-51-2804(b), the Department of Commerce is adopting this part to:
- (1) Permit verification of an eligible taxpayer’s railroad track maintenance expenditures for purposes of claiming the income tax credit allowed under Acts 2021, No. 967;
- (2) Provide for the approval of railroad track maintenance expenditures before a project commences; and
- (3) Provide for a certificate of verification upon the completion of a project that uses railroad track maintenance expenditures.