MS SB3079

Extends the repeal date of the income tax credit for taxpayers using state, county, or municipal port facilities from July 1, 2010 to July 1, 2011.

Credit applies to charges paid on cargo imports including receiving into port, handling from vessel, and wharfage, but excludes forest products.

Credit is limited to 50% of annual tax liability and capped at $1 million to $4 million cumulative based on number of employees (5-25, 25-100, 100-200, or 200+ permanent full-time employees).

Requires taxpayer to have U.S. headquarters in Mississippi, employ at least 5 permanent full-time employees, and maintain minimum $2 million capital investment in Mississippi.

Extends requirement for Mississippi Development Authority to file annual reports to the Legislature on May 1 detailing shipping increases, job creation, and net economic impact of the tax credit at each port.