The Alabama Governor June 7 signed a law authorizing a tax credit against the individual income, corporate income, or trust income tax liability of an eligible taxpayer for qualified railroad rehabilitation expenditures. The law includes measures: 1) providing tax credits equal to 50 percent of taxpayers’ rehabilitation expenditures; 2) providing that the taxpayer can claim the credit in the year in which the rehabilitation expenditures are completed; 3) providing that the taxpayer can claim a refund if the taxes owed...