HF 2624: Creating the railroad reconstruction or replacement tax credit available against the individual and corporate income taxes, the franchise tax, the insurance premiums tax, and the moneys and credits tax, and including effective date and retroactive applicability provisions

What it does

This bill creates the railroad reconstruction or replacement tax credit available against the individual and corporate income taxes, the franchise tax, the insurance premiums tax, and the moneys and credits tax. Under the bill, for tax years beginning on or after January 1, 2024, but before January 1, 2032, a tax credit may be claimed equaling percent of qualified expenditures made by a railroad classified as class I or class II, not to exceed $3,000 per mile, multiplied by the number of miles of railroad track owned or leased within the state by the taxpayer for which the taxpayer made qualified expenditures upon during the applicable tax year.

House subcommittee · named March 6, 2024

• Rep. Megan Jones (R) · megan.jones@legis.iowa.gov
• Rep. Brian Best (R)
• Rep. Ken Croken (D) · ken.croken@legis.iowa.gov

Lobbying · 5 for, 0 against

For: Boone and Scenic Valley Railroad; Burlington Junction Railway; Davenport Industrial Railroad; Iowa Interstate Railroad; Iowa Northern Railway Company

In plain words

1. February 21, 2024Filed in the House and sent to the Ways and Means committee
2. March 6, 2024House subcommittee named: Jones, Best and Croken
3. March 12, 2024Subcommittee recommended passing it