Title 37 — Title 37
0 chapters · 612 sections in this title.
Ala. Code § 37-11C-1 Short Title
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This chapter shall be known and may be cited as The Railroad Modernization Act of 2019. History: (Act 2019-459, §1.)
Ala. Code § 37-11C-2 Definitions
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As used in this chapter, the following words shall have the following meanings: (1) CLASS II RAILROAD. A carrier classified as a Class II railroad pursuant to 49 CFR § 1201, or other rule adopted by the United States Surface Transportation Board. (2) CLASS III RAILROAD. A carrier…
Ala. Code § 37-11C-3 Standards for Approval of Qualified Railroad Rehabilitation
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Expenditures; Application for Tax Credits; Completion of Project; Tax Credit Certificate; Fees; Annual Report. (a) By December 1, 2019, the Department of Commerce shall develop standards for the approval of qualified railroad rehabilitation expenditures for which a tax credit is …
Ala. Code § 37-11C-4 Allowance and Claim of Tax Credits; Railroad Rehabilitation Income Tax
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Credit Account; Written Transfer Agreements. (a) For tax years beginning after December 31, 2019, through December 31, 2022, there is a credit allowed against the state income tax levied by Section 40-18-2 equal to 50 percent of an eligible taxpayer’s qualified railroad rehabilit…
Ala. Code § 37-11C-5 Rulemaking Authority; Applications for Reservation of Tax Credits
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(a) By October 1, 2019, the Department of Commerce shall adopt rules necessary to implement this chapter. Applications for the reservation of tax credits shall be accepted beginning November 1, 2019. (b) By October 1, 2022, the Department of Revenue shall adopt rules necessary to…
Ala. Code § 37-11C-6 Duration of Tax Credits
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The tax credit allowed under this chapter shall be effective for the 2020 tax year and shall continue through the 2027 tax year, unless extended by act of the Legislature. History: (Act 2019-459, §6; Act 2022-341, §1.)