MS HB1590

Authorizes an income tax credit, insurance premium tax credit, and gaming gross revenue license fee credit equal to 35% of eligible expenditures made to increase commercial air service at Mississippi airports.

Defines eligible expenditures as costs approved by the Mississippi Development Authority for ground handling cost mitigation, seat cost mitigation, and minimum revenue guarantees to air service providers.

Limits annual credits claimed by all entities to a maximum of $2,500,000 per state fiscal year, with unused credits carried forward up to 10 years.

Requires entities to apply to the Mississippi Development Authority for certification of eligible expenditures before claiming the credit on tax returns.

Amends Section 27-15-129 to prohibit insurance premium tax investments from including expenditures for which credits are claimed under this act, effective July 1, 2017.