26 CAR § 290-104 – Certificate of verification of railroad track maintenance expenditures

(a)
1. (1) The eligible taxpayer shall submit to the Department of Commerce a verification of railroad track maintenance expenditures on a form provided for that purpose by the Department of Commerce.
2. (2) The verification shall include a statement certifying:
  1. (A) The status of the railroad as an eligible taxpayer;
  2. (B) The project work has been completed;
  3. (C) A description and amount of the qualified railroad track maintenance expenditures incurred;
  4. (D) The miles of railroad track owned or leased in Arkansas; and
  5. (E) Any other information that the Department of Commerce may request.
(b) The verification shall be submitted to the Department of Commerce no later than ninety (90) days following the end of the tax year in which the railroad track maintenance expenditures were incurred.
(c) Following receipt and review of the verification, the Department of Commerce shall issue a certificate setting forth the amount of railroad track maintenance expenditures verified by the Department of Commerce as being eligible to be claimed for a tax credit under Arkansas Code § 26-51-2803 of Acts 2021, No. 967.
(d) The certificate of verification of railroad track maintenance expenditures issued by the Department of Commerce under this part shall satisfy all requirements of the Department of Finance and Administration with respect to determining the:
1. (1) Eligibility of the taxpayer to claim the tax credit under Acts 2021, No. 967; and
2. (2) Amount of railroad track maintenance expenditures that may be claimed as a tax credit.
(e) The certificate of verification shall be submitted by the eligible taxpayer to the Department of Finance and Administration for issuance of the tax credit in accordance with its rules.