Page 1 of 1 141.386 Nonrefundable tax credit for railroad expansion or upgrade to accommodate transportation of fossil energy resources or biomass resources. (1) As used in this section: (a) "Fossil energy resources" means reserves of coal, oil shale, and natural gas; and (b) "Biomass resources" means agricultural materials that may be used for production of transportation fuels such as biodiesel or ethanol or that may <br>themselves be used as a fuel, alone or in combination with a fossil fuel, for <br>generation of electricity. (2) For taxable years beginning after December 31, 2009: (a) A corporation that owns fossil energy resources subject to tax under KRS 143.020 or 143A.020 or biomass resources and transports these resources <br>using rail facilities; or (b) A railway company subject to tax under KRS 136.120 that serves a corporation that owns fossil energy resources subject to tax under KRS <br>143.020 or 143A.020 or biomass resources; shall be entitled to a nonrefundable tax credit against the taxes imposed under KRS <br>141.040 and 141.0401, with the ordering of credits as directed by KRS 141.0205, in <br>an amount certified by the department pursuant to subsection (4) of this section. (3) (a) The credit shall be equal to twenty-five percent (25%) of the expenditures paid or incurred by the corporation or railway company to expand or upgrade <br>railroad track, including roadbeds, bridges, and related track structures, to <br>accommodate the transport of fossil energy resources or biomass resources. (b) The credit amount approved for a calendar year for all taxpayers under this section shall be limited to one million dollars ($1,000,000). (c) If the total amount of approved credit exceeds one million dollars ($1,000,000), the department shall determine the amount of credit each <br>corporation and railway company receives by multiplying one million dollars <br>($1,000,000) by a fraction, the numerator of which is the amount of approved <br>credit for a corporation or railway company and the denominator of which is <br>the total approved credit for all corporations and railway companies. (4) Each corporation or railway company eligible for the credit provided under this section shall file a railroad expansion tax credit claim on forms prescribed by the <br>department by the fifteenth day of the first month following the close of the <br>preceding calendar year. The department shall determine the amount of the <br>approved credit and issue a credit certificate to the corporation or railway company <br>by the fifteenth day of the third month following the close of the calendar year. Effective: June 26, 2009 <br>History: Created 2009 (1st Extra. Sess.) Ky. Acts ch. 1, sec. 70, effective June 26, 2009.
Page 1 of 1 141.386 Nonrefundable tax credit for railroad expansion or upgrade to accommodate transportation of fossil energy resources or biomass resources. (1) As used in this section: (a) "Fossil energy resources" means reserves of coal, oil shale, and natural gas; and (b) "Biomass resources" means agricultural materials that may be used for production of transportation fuels such as biodiesel or ethanol or that may <br>themselves be used as a fuel, alone or in combination with a fossil fuel, for <br>generation of electricity. (2) For taxable years beginning after December 31, 2009: (a) A corporation that owns fossil energy resources subject to tax under KRS 143.020 or 143A.020 or biomass resources and transports these resources <br>using rail facilities; or (b) A railway company subject to tax under KRS 136.120 that serves a corporation that owns fossil energy resources subject to tax under KRS <br>143.020 or 143A.020 or biomass resources; shall be entitled to a nonrefundable tax credit against the taxes imposed under KRS <br>141.040 and 141.0401, with the ordering of credits as directed by KRS 141.0205, in <br>an amount certified by the department pursuant to subsection (4) of this section. (3) (a) The credit shall be equal to twenty-five percent (25%) of the expenditures paid or incurred by the corporation or railway company to expand or upgrade <br>railroad track, including roadbeds, bridges, and related track structures, to <br>accommodate the transport of fossil energy resources or biomass resources. (b) The credit amount approved for a calendar year for all taxpayers under this section shall be limited to one million dollars ($1,000,000). (c) If the total amount of approved credit exceeds one million dollars ($1,000,000), the department shall determine the amount of credit each <br>corporation and railway company receives by multiplying one million dollars <br>($1,000,000) by a fraction, the numerator of which is the amount of approved <br>credit for a corporation or railway company and the denominator of which is <br>the total approved credit for all corporations and railway companies. (4) Each corporation or railway company eligible for the credit provided under this section shall file a railroad expansion tax credit claim on forms prescribed by the <br>department by the fifteenth day of the first month following the close of the <br>preceding calendar year. The department shall determine the amount of the <br>approved credit and issue a credit certificate to the corporation or railway company <br>by the fifteenth day of the third month following the close of the calendar year. Effective: June 26, 2009 <br>History: Created 2009 (1st Extra. Sess.) Ky. Acts ch. 1, sec. 70, effective June 26, 2009.
Page 1 of 1 141.386 Nonrefundable tax credit for railroad expansion or upgrade to accommodate transportation of fossil energy resources or biomass resources. (1) As used in this section: (a) "Fossil energy resources" means reserves of coal, oil shale, and natural gas; and (b) "Biomass resources" means agricultural materials that may be used for production of transportation fuels such as biodiesel or ethanol or that may <br>themselves be used as a fuel, alone or in combination with a fossil fuel, for <br>generation of electricity. (2) For taxable years beginning after December 31, 2009: (a) A corporation that owns fossil energy resources subject to tax under KRS 143.020 or 143A.020 or biomass resources and transports these resources <br>using rail facilities; or (b) A railway company subject to tax under KRS 136.120 that serves a corporation that owns fossil energy resources subject to tax under KRS <br>143.020 or 143A.020 or biomass resources; shall be entitled to a nonrefundable tax credit against the taxes imposed under KRS <br>141.040 and 141.0401, with the ordering of credits as directed by KRS 141.0205, in <br>an amount certified by the department pursuant to subsection (4) of this section. (3) (a) The credit shall be equal to twenty-five percent (25%) of the expenditures paid or incurred by the corporation or railway company to expand or upgrade <br>railroad track, including roadbeds, bridges, and related track structures, to <br>accommodate the transport of fossil energy resources or biomass resources. (b) The credit amount approved for a calendar year for all taxpayers under this section shall be limited to one million dollars ($1,000,000). (c) If the total amount of approved credit exceeds one million dollars ($1,000,000), the department shall determine the amount of credit each <br>corporation and railway company receives by multiplying one million dollars <br>($1,000,000) by a fraction, the numerator of which is the amount of approved <br>credit for a corporation or railway company and the denominator of which is <br>the total approved credit for all corporations and railway companies. (4) Each corporation or railway company eligible for the credit provided under this section shall file a railroad expansion tax credit claim on forms prescribed by the <br>department by the fifteenth day of the first month following the close of the <br>preceding calendar year. The department shall determine the amount of the <br>approved credit and issue a credit certificate to the corporation or railway company <br>by the fifteenth day of the third month following the close of the calendar year. Effective: June 26, 2009 <br>History: Created 2009 (1st Extra. Sess.) Ky. Acts ch. 1, sec. 70, effective June 26, 2009.
