§ 105-129.96. (Repealed for taxable years beginning on or after January 1, 2038 - see note) Credit for constructing a railroad intermodal facility.
§ 105‑129.96. (Repealedfor taxable years beginning on or after January 1, 2038 see note) Credit forconstructing a railroad intermodal facility.
(a) Credit. Ataxpayer that constructs or leases an eligible railroad intermodal facility inthis State and places it in service during the taxable year is allowed a taxcredit equal to fifty percent (50%) of all amounts payable by the taxpayertowards the costs of construction or under the lease.
(b) Taxes Credited. Thecredit provided in this section is allowed against the franchise tax levied inArticle 3 of this Chapter or the income taxes levied in Article 4 of thisChapter. The taxpayer must elect the tax against which a credit will be claimedwhen filing the return on which the first installment of the credit is claimed.This election is binding. The credit may not exceed fifty percent (50%) of thetax against which it is applied. Any unused portion of a credit may be carriedforward for the succeeding 10 years. Any carryforwards of a credit must be claimedagainst the same tax. (2007‑323, s. 31.23(a).)