207.13a Tax credit; “eligible company,”“eligible expenses,”“qualified rolling stock,” defined.
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207.13a Tax credit; “eligible company,”“eligible expenses,”“qualified rolling stock,” defined.
Sec. 13a.
(1)Subject to subsection (2), an eligible company is allowed a credit against the tax imposed under this act for the tax year equal to the amount of eligible expenses incurred during the calendar year immediately preceding the tax year for which the credit under this subsection is claimed.
(2)The sum of the credits under subsection
(1)and section 13(2) shall not exceed an eligible company's liability for the tax levied under this act in the tax year in which the credit is claimed.
(3)An eligible company may apply for the credit under subsection
(1)by submitting to the state board of assessors an application in the form prescribed by the state board of assessors.
(4)If the board determines that for any eligible company the sum of the credits provided in this section and in section 13(2) equals the eligible company's liability for the tax levied under this act before application of the credits, the board may waive the application requirement in subsection
(3)and the reports and statements required under sections 6, 7, 8, and 13. A waiver under this subsection does not affect the board's powers under section 3.
(5)As used in this section:
(a)"Eligible company" means railroad companies, union station and depot companies, sleeping car companies, express companies, car loaning companies, stock car companies, refrigerator car companies, fast freight line companies, and all other companies owning, leasing, running, or operating any freight, stock, refrigerator, or any other cars not the exclusive property of a railroad company paying taxes upon its rolling stock under this act, over or upon the line or lines of any railroad in this state.
(b)"Eligible expenses" means 1 or more of the following:
(i)Expenses incurred in this state to maintain or improve an eligible company's qualified rolling stock.
(ii)Seventy-five percent of the expenses incurred in this state for maintenance or improvement of rights-of-way, including those items, except depreciation, in the official maintenance-of-way and capital track accounts of the eligible company.
(c)"Qualified rolling stock" means any freight, stock, refrigerator, or other railcars subject to the tax levied under this act.
History: Add. 2000, Act 341 , Imd. Eff. Dec. 27, 2000