MS HB1251

Reenacts and extends income tax credits for taxpayers using state, county, and municipal port facilities for exporting cargo, removing the December 31, 2012 repeal date.

Allows port tax credits for charges including receiving cargo into port, handling to vessel, and wharfage, limited to 50% of annual tax liability with maximum cumulative credit of $1,200,000.

Reenacts and extends income tax credits for taxpayers using public airport facilities for importing or exporting cargo, removing the July 1, 2012 repeal date, with cumulative credits ranging from $1,000,000 to $4,000,000 based on employee count.

Requires Mississippi Development Authority to submit annual reports to the Legislature by May 1 each year analyzing shipping increases, job creation, and net economic impact of both port and airport tax credits.

Designates Department of Revenue as the entity to receive taxpayer statements certifying charges paid for which credits are claimed.