Rule 64:41 UTILITIES
rules -- Railroads.
Ruling: Tax incentive credit for replacement and repair
of existing railroad tracks may be credited against future taxes if credit
exceeds one-third of the current year's taxes. Subsequent years' credits may be
added together as long as the total credits do not exceed one-third of the
taxes for each year. Unused credits can only be carried forward for two years. Secretary of Revenue Declaratory Ruling No. 76-1.
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