MS SB2929

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

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

Limits annual credit usage to an entity's total tax liability and allows unused credits to carry forward for 10 succeeding taxable years, with a maximum aggregate statewide cap of $2,500,000 per fiscal year.

Requires entities to apply to the Mississippi Development Authority for a certificate evidencing eligibility before claiming the credit on tax returns.

Amends Section 27-15-129 to exclude air service expenditures eligible for credits under this act from qualifying as Mississippi investments for insurance premium tax reduction purposes.