MS HB1108

Creates an income tax credit for Class II and Class III railroads equal to 50% of qualified railroad reconstruction, replacement, or new rail infrastructure expenditures, capped at $5,000 per mile of track owned/leased or $1,000,000 per new customer project, with a total annual cap of $8,000,000 for all taxpayers

Allows unused railroad tax credits to be carried forward for 5 years and transferred to other taxpayers through written agreement filed with the Department of Revenue within 30 days

Extends until July 1, 2025, the authorization for fee-in-lieu of ad valorem tax agreements for projects over $100,000,000 by qualified businesses under the Mississippi Health Care Industry Zone Act

Reduces the minimum fee-in-lieu amount from one-third to one-tenth of ad valorem taxes for renewable energy projects eligible under Section 27-31-46 if agreements are entered into before July 1, 2023, with an additional 10-year partial exemption available after the fee-in-lieu expires

Authorizes county boards of supervisors and municipal authorities to grant partial ad valorem tax exemptions for nonresidential property being converted to residential use, exempting the difference in assessed value until the property is occupied by a homeowner