MS SB2922

Deletes the July 1, 2011 repeal date on an income tax credit for taxpayers that pay certain charges at state, county, and municipal ports for importing cargo, making the credit permanent.

Eligible taxpayers must have their U.S. headquarters in Mississippi (located after July 1, 2004), employ at least 5 permanent full-time employees at headquarters, and have a minimum capital investment of $2,000,000 in Mississippi.

Credit covers charges for receiving cargo into port, handling from vessel, and wharfage, but excludes charges on imported forest products.

Maximum cumulative credit ranges from $1,000,000 to $4,000,000 depending on number of full-time employees (5-25 employees receives $1,000,000; over 200 employees receives $4,000,000).

Requires the Mississippi Development Authority to continue submitting annual reports to the Legislature by May 1 each year detailing shipping increases, jobs created or retained, and net economic impact of the tax credit.