(a) As used in this Code section, the term:

(1) "Class III railroad" means a rail carrier classified as a Class III railroad by the United States Surface Transportation Board in accordance with Section 1-1 of 49 C.F.R. 1201, as it existed on January 1, 2018.

(2) "Qualified railroad track maintenance expenditures" means gross expenditures for maintaining railroad track, including roadbed, bridges, and related track structures, owned or leased as of January 1, 2018, by a Class III railroad.

(b) A Class III railroad shall be given a credit against the tax imposed under this article for a taxable year in the amount of 50 percent of the qualified railroad track maintenance expenditures paid or incurred by such Class III railroad during the taxable year, provided that such credit shall not exceed $3,500.00 multiplied by each mile of railroad track owned or leased in this state as of the close of the taxable year by such Class III railroad.

(c)

(1) The credit given under this Code section shall only be allowed once for each mile of railroad track in each taxable year.

(2) Such credit shall be given for each taxable year beginning on or after January 1, 2019, and ending on or before December 30, 2023, in which the conditions of this Code section have been met.

(d) If a credit is given under this Code section with respect to any railroad track, the basis of such railroad track shall be reduced by the amount of the credit so allowed.

(e) The tax credits given to a Class III railroad by this Code section that are not used by such Class III railroad shall be freely assignable one time between January 1, 2019, and January 1, 2024, by written agreement to a taxpayer subject to the tax imposed by this chapter.

(f) On or before September 1 of 2020 and annually thereafter until 2024, the commissioner shall issue a report to the chairpersons of the Senate Finance Committee and the House Committee on Ways and Means concerning the tax credit created by this Code section, which shall include the following statistics for the preceding taxable year:

(1) The total number of taxpayers that claimed a credit provided by this Code section; and

(2) The number and total value of all credits earned and all credits applied during such tax year pursuant to this Code section.

(g) The commissioner shall promulgate such forms, rules, and regulations as are necessary to implement and administer the provisions of this Code section.

(h) This Code section shall be automatically repealed on January 1, 2024.