1. (a) A taxpayer wishing to claim a tax credit under this chapter must apply to the department after completion of the project for which qualified railroad expenditures or qualified new rail infrastructure expenditures were incurred. The department shall prescribe the form and manner of the application, which must include:

   1. (1) the number of miles of railroad track owned or leased in Indiana; and
   2. (2) a description and certification of the amount of the taxpayer's qualified railroad expenditures or qualified new rail infrastructure expenditures.
2. (b) The department shall evaluate a taxpayer's eligibility for a tax credit under this chapter.
3. (c) The department shall certify the eligibility of a taxpayer that meets the requirements for a tax credit under this chapter.

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