26 CAR § 290-103 – Preapproval of railroad track maintenance expenditures

(a)
1. (1) An eligible taxpayer seeking preapproval of railroad track maintenance expenditures prior to incurring the expense may submit a preapproval application to the Department of Commerce on a form provided by the department for that purpose.
2. (2) The application shall include:
  1. (A) An estimated amount of qualified railroad track maintenance expenditures for the year;
  2. (B) A description of the qualified railroad track maintenance expenditures expected for the year;
  3. (C) The miles of railroad track owned or leased in Arkansas; and
  4. (D) Any other information that the department may request.
(b) Following receipt and review of the application, the department will notify the eligible taxpayer in writing as to whether the proposed railroad track maintenance expenditures set forth on the application constitute railroad track maintenance expenditures under Acts 2021, No. 967.
(c) An eligible taxpayer is not required to apply for preapproval of railroad track maintenance expenditures under this section in order to claim a tax credit for the expenditures under Acts 2021, No. 967.