SB 224 Creates a tax credit against the private car ad valorem tax
Sponsor: Clemens
LR Number: 1175S.01I Fiscal Note: 1175-01
Committee: Ways & Means
Last Action: 2/24/2005 - Hearing Conducted S Ways & Means Committee Journal Page:
Title: Calendar Position:
Effective Date: August 28, 2005

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Current Bill Summary

SB 224 - This act creates a tax credit against the private car ad valorem tax. The act enables a freight line company to have a credit equal to the amount of eligible expenses incurred during the immediately preceding calendar year against this tax. The term "eligible expenses" is defined as those incurred in the state to maintain or improve a freight line company's qualified rolling stock. The act requires the state to reimburse any political subdivision which experiences a loss of revenue due to the provisions of the act.