One of the 14 bills signed into law Tuesday by Oklahoma Gov. Mary Fallin focuses on limiting tax credits for railroad rehabilitation and improvements in the state.
She signed House Bill 3204 into law making it immediately effective. The bill cuts the tax credit by 25 percent
Authors were Representatives Earl Sears and Dennis Casey in the House and Senators Clark Jolley, Greg Treat and Mike Mazzei in the Senate.
The reduction will mean credit will total only about $136,000 for the year. When it was enacted several years ago, there was a $500 tax credit in 2007 and it increased to $2,000 in 2008. The original law allowed a credit against the tax equal to 50% of the qualified railroad reconstruction or replacement expenditures.
The credit was aimed at helping result in improvements, reconstruction or replacement of railroad infrastructure including track, roadbed, bridges, industrial leads and track-related structures.
