(1) During the period of time described in subsection (3) of this section, railroad cars owned by private car companies undergoing major work including remodeling, renovation, conversion or repairs shall be exempt from taxation.
(2) For purposes of this section, the term “major work” shall include all remodeling, renovation, conversion, reconversion or repairs to a railroad car in which the total labor expended for such work exceeds 10 work hours.
(3) The exemption described in subsection (1) of this section shall apply for the period of time in which the railroad cars are awaiting or undergoing major work or are awaiting transportation to or from or are being transported to or from a facility performing such major work.
(4) No exemption under subsection (1) of this section shall be allowed unless the Department of Revenue is furnished sufficient documentary information to prove that the claimant is entitled to the exemption.