IC 6-3.1-38.1-9: Amount of tax credit

Sec. 9. (a) Subject to subsection (b), if the department certifies a taxpayer under section 8 of this chapter, the taxpayer is entitled to a tax credit against the taxpayer's state tax liability equal to:

(1) the taxpayer's:

(A) qualified railroad expenditures; or

(B) qualified new rail infrastructure expenditures; multiplied by

(2) fifty percent (50%).

(b) The amount of a tax credit allowed under subsection (a) shall not exceed the following:

(1) For qualified railroad expenditures, the product of:

(A) the number of miles of Class II or Class III railroad track owned or leased by the taxpayer in Indiana at the close of the taxable year; multiplied by

(B) three thousand five hundred dollars ($3,500).

(2) For qualified new rail infrastructure expenditures, the lesser of:

(A) fifty percent (50%) of the qualified new rail expenditures for each new rail served customer project completed by the taxpayer in the taxable year; or

(B) five hundred thousand dollars ($500,000) per rail served customer project.