Okla. Admin. Code § 730:40-5-1

Current through Vol. 41, No. 19, June 17, 2024

Section 730:40-5-1 - Purpose and authority

(a)Purpose. The purpose of the Railroad Modernization Act is to permit verification of eligible taxpayer's qualified railroad reconstruction or replacement expenditures for the purpose of claiming credit for the tax imposed by 68 O.S. Section 2355.

(b)Authority. Pursuant to the provisions contained in 68 O.S. Section 2357.103, known and cited as the Railroad Modernization Act, the Department of Transportation is required to provide verification of eligibility of a taxpayer's expenditures for the purpose of claiming the credit. The Act directs that the approval of qualified railroad reconstruction or replacement expenditures be made prior to commencement of a project and to provide a certificate of verification upon completion of a project for such expenditures.

Added at 23 Ok Reg 429, eff 11-16-05 (emergency); Added at 23 Ok Reg 2879, eff 6-25-06