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MS SB2953
Bill
AI Summary
- Creates a $2,000 annual income tax job credit for water transportation enterprises engaged in inland cargo transportation on lakes, rivers, and intracoastal waterways (excluding the Great Lakes).
- Credit applies for each full-time employee working at least 35 hours per week in Mississippi for a five-year period, with the credit commencement date selected by the enterprise.
- Unused credits may be carried forward for five consecutive years, but annual credit usage is limited to the enterprise's total state income tax liability.
- Department of Revenue adjusts credits annually based on employment fluctuations and may deny new eligibility following sales, mergers, acquisitions, or relocations, though unused credits may transfer to the new owner.
- Total aggregate tax credits awarded under this program cannot exceed $1,000,000.
Legislative Description
Income tax; job tax credit for inland water transportation enterprises.
Last Action
Died In Committee
2/27/2019
Committee Referrals
Finance1/21/2019
Full Bill Text
No bill text available