Transfer and certification provisions modification

SF 1046 modifies Minnesota's tax credit system for railroad infrastructure investments, allowing eligible Class II and Class III railroads (as defined by the U.S. Surface Transportation Board) to transfer unused credits to other taxpayers. The bill requires written agreements for transfers, specifies credits can cover up to five future tax years, and mandates joint filing with tax authorities within 30 days. It applies retroactively to tax years beginning after December 31, 2022, for credits related to qualified railroad reconstruction or replacement expenditures.