MS HB624

Reenacts Section 27-7-22.42 of Mississippi Code, which provides an income tax credit for Class II and Class III railroads that was repealed on January 1, 2024.

Allows eligible railroads a tax credit equal to the lesser of 50% of qualified railroad reconstruction or replacement expenditures or $5,000 per mile of track owned or leased in Mississippi.

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

Permits unused tax credits to be carried forward for five consecutive years and transferred to other eligible taxpayers through written agreement filed with the Department of Revenue within 30 days.

Extends the repeal date of this tax credit provision from January 1, 2024 to January 1, 2027, with an aggregate annual cap of $8,000,000 in credits across all qualifying taxpayers.