MS HB1322

Creates an income tax credit for Class II and Class III railroads that make qualified expenditures on railroad infrastructure reconstruction, replacement, or maintenance in Mississippi, including track, roadbed, bridges, and industrial leads

Credit amount equals the lesser of 50% of qualified expenditures or $5,000 multiplied by the number of miles of railroad track owned or leased in Mississippi

Caps the total aggregate credits available to all taxpayers at $8,000,000 per calendar year

Allows unused tax credits to be carried forward for 5 consecutive years or transferred to another taxpayer through a written agreement filed with the Department of Revenue within 30 days

Effective date of January 1, 2021