Income tax credit for rail improvements.

Provides that a railroad company that is classified as a Class II or Class III carrier is entitled to a credit against the railroad company's state income tax liability equal to 50% of the amount of qualified railroad reconstruction or replacement expenditures made by the railroad company during the taxable year. Provides, however, that the credit may not exceed the number of miles of railroad owned or leased by the railroad company on the last day of the taxable year multiplied by $3,500.