Sec. 2. As used in this chapter, "qualified applicant" means:
(1) a short line rail company located in whole or in part in Indiana that is classified by the United States Surface Transportation Board as a Class II or Class III railroad that makes qualified railroad expenditures; or
(2) an owner or lessee of a rail siding, industrial spur, or industry track located:
(A) on or adjacent to a Class II or Class III railroad in Indiana; or
(B) in a qualified rural county;
that makes qualified new rail infrastructure expenditures.