To receive tax credits under the Nebraska Shortline Rail Modernization Act, an eligible taxpayer shall submit an application to the department on a form prescribed by the department after incurring the relevant qualified shortline railroad maintenance expenditures. The application shall be submitted no later than May 1 of the calendar year immediately following the calendar year in which the expenditures were incurred. The application shall include the following information:

(1) The number of miles of railroad track owned or leased in this state by the eligible taxpayer; and

(2) A description of the amount of qualified shortline railroad maintenance expenditures incurred by the eligible taxpayer.