As used in this chapter, "qualified applicant" means:

1. (1) a short line rail company located in whole or in part in Indiana that is classified by the United States Surface Transportation Board as a Class II or Class III railroad that makes qualified railroad expenditures; or

2. (2) an owner or lessee of a rail siding, industrial spur, or industry track located:

   1. (A) on or adjacent to a Class II or Class III railroad in Indiana; or

   2. (B) in a qualified rural county;

      that makes qualified new rail infrastructure expenditures.

As added by P.L.173-2025, SEC.2.