MS HB390

Amends sections 27-7-22.7 and 27-7-22.9 to reflect the name change from "State Tax Commission" to "Department of Revenue."

Allows income taxpayers using state, county, or municipal port facilities for cargo export to claim a tax credit against income taxes for receiving, handling, and wharfage charges paid.

Limits the tax credit to 50% of annual tax liability (minus other credits) with a maximum cumulative credit of $1,200,000 for the period January 1, 1994 through December 31, 2005; unused credits may carry forward for 5 years.

Requires the Mississippi Development Authority to report annually to the Legislature on the tax credit's impact, including shipping increases, job creation, and net economic impact at each port.

Extends the repealer date for these port tax credit provisions from December 31, 2009 to December 31, 2015, effective July 1, 2012.