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MS HB1756

Bill

Official Source

Status

Failed

3/27/2024

Primary Sponsor

Sam Mims

Click for details

Origin

House of Representatives

2024 Regular Session

AI Summary

  • Authorizes an income tax credit for eligible landowners who incur costs removing trees damaged by the 2023 drought from manageable forestland in Mississippi
  • Eligible landowners must own at least 10 acres of manageable forestland in Mississippi and provide documentation from a licensed forester verifying drought-related damage
  • Tax credit equals the lesser of actual removal costs or $3,000 per taxpayer, with a statewide annual cap of $5,000,000 in credits allocated
  • Unused credits may be carried forward for five consecutive years, and applicants must incur removal costs within 60 days of credit allocation or lose the allocation
  • Effective January 1, 2024

Legislative Description

Income tax; authorize a tax credit for certain tree removal costs.

Last Action

Died In Committee

3/27/2024

Committee Referrals

Ways and Means3/1/2024

Full Bill Text

No bill text available