26 CAR § 290-101. Overview

(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.