Ala. Code § 37-11C-2

Current through the 2024 Regular Session.

Section 37-11C-2 - Definitions

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 classified as a Class III railroad pursuant to 49 CFR § 1201, or other rule adopted by the United States Surface Transportation Board.

(3) DEPARTMENT. The Alabama Department of Revenue.

(4) ELIGIBLE TAXPAYER. A railroad that owns or leases railroad infrastructure in Alabama and is classified by the United States Surface Transportation Board as a Class II or Class III railroad.

(5) ELIGIBLE TRANSFEREE. A taxpayer who is transferred a tax credit allowed by this chapter by an eligible taxpayer.

(6) QUALIFIED RAILROAD REHABILITATION EXPENDITURES. Expenditures within the taxable year for maintenance, deductible maintenance of way expenses, reconstruction, or replacement of railroad infrastructure within the state that is owned or leased by an eligible taxpayer. The term includes new construction of industrial leads, switches, spurs, sidings, and extensions of existing sidings by an eligible taxpayer. The term does not include expenditures for which an income tax deduction has been claimed.

(7) RAILROAD INFRASTRUCTURE. Includes, but is not limited to, the track, roadbed, bridges, signaling systems and train control, industrial leads, and track-related structures owned or leased by an eligible taxpayer.

(8) REHABILITATION PLAN. Detailed construction plans and specifications for the proposed rehabilitation of railroad infrastructure under this chapter.

Ala. Code § 37-11C-2 (1975)

Amended by Act 2022-341,§ 1, eff. 7/1/2022.

Added by Act 2019-459,§ 2, eff. 9/1/2019.