MS SB3163

Authorizes an income tax credit for Class II and Class III railroads making qualified expenditures for maintenance, reconstruction, or replacement of railroad infrastructure in Mississippi as of January 1, 2022.

Provides a credit equal to the lesser of 50% of qualified expenditures or $5,000 multiplied by miles of railroad track owned or leased in Mississippi for reconstruction/replacement projects.

Provides a credit equal to the lesser of 50% of qualified new rail infrastructure expenditures, capped at $1,000,000 per new rail-served customer project.

Allows unused credits to be carried forward for five consecutive years and permits transfer of unused credits to other taxpayers with a written transfer agreement filed with the Department of Revenue within 30 days.

Caps aggregate credits claimed by all taxpayers at $8,000,000 per calendar year; effective January 1, 2022.