Senate Bill No. 607
(By Senators Snyder, Unger, Plymale, Chafin and Kessler)
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[Introduced March 16, 2009; referred to the Committee on
Transportation and Infrastructure; and then to the Committee on
Finance.]
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A BILL to amend the Code of West Virginia, 1931, as amended, by
adding thereto a new article, designated §29-18A-1, §29-18A-2
and §29-18A-3, all relating to creating the Commuter Rail
Access Act; and allowing railroads in West Virginia which
charge track access fees for any daily railroad commuter
service in West Virginia a tax credit to the railroad against
the corporate net income tax equal to access fees lost in lieu
of other payment.
Be it enacted by the Legislature of West Virginia:
That the Code of West Virginia, 1931, as amended, be amended
by adding thereto a new article, designated §29-18A-1, §29-18A-2
and §29-18A-3, all to read as follows:
ARTICLE 18A. WEST VIRGINIA COMMUTER RAIL ACCESS ACT.
§29-18A-1. Short title.
This article shall be known and cited as the "West Virginia
Commuter Rail Access Act."
§29-18A-2. Charging track access fee for daily railroad commuter
service.
Any railroad subject to the provisions of article eighteen-a
of this chapter must submit its invoice for track access fees for
any daily commuter trains in West Virginia to the West Virginia
State Rail Authority office of the West Virginia Department of
Transportation. Upon verification by the West Virginia
State Rail
Authority
, the railroad that provided the railroad commuter service
access shall accept an equal amount of corporate tax credit for the
approved amount of the track access fee as full payment thereof.
§29-18A-3. Railroads entitled to tax credit against corporate net
income.
Any railroad in West Virginia whose track is used by a daily
commuter railroad service operating in West Virginia shall be
allowed a credit against the corporate net income tax imposed by
the provisions of article twenty-four, chapter eleven of this code
equal to the track access fee lost by the railroad as track access
fees charged to a daily commuter railroad service operating in West
Virginia using the tracks of that railroad.
NOTE: The purpose of this bill is to allow railroads in West
Virginia which charge track access fees for daily railroad commuter
service to receive a tax credit to the railroad against the corporate net income tax equal to access fees lost in lieu of
payment.
This article is new; therefore, strike-throughs and
underscoring have been omitted.