(a) Timelines and deadlines for submission of application materials;

(b) A description of the information required by the department to determine that the taxpayer qualifies for the credit allowed under ORS 315.593;

(c) Criteria for determining the amount of the tax credit allowed under ORS 315.593, including standards for what constitutes completion of a short line railroad rehabilitation project;

(d) The process by which an applicant will be notified of an incomplete application and the time allowed for the applicant to provide the missing information; and

(e) The month and date by which the department must notify an applicant of the preliminary certification decision and the potential amount of the tax credit for which the applicant has received preliminary certification.

(2) If the total amount of potential tax credits allowed under ORS 315.593 for all taxpayers that have applied for preliminary certification exceeds the limit in ORS 315.593, the department shall allocate the tax credits allowed under ORS 315.593 as follows:

(a) By giving first priority to all tier II short line railroads that own or lease less than 75 miles of short line railroad track in this state; and

(b) By giving second priority to all tier II short line railroads not described in paragraph (a) of this subsection.

(3) If the department must allocate tax credits to a group of taxpayers in an amount that is less than the amount the taxpayers would otherwise receive under ORS 315.593, the department shall divide the available tax credits among the group proportionally, based on the amount each taxpayer would have otherwise received under ORS 315.593. [2019 c.579 §9]