MS SB2477

Reenacts Section 27-7-22.42 of the Mississippi Code, which provides an income tax credit for Class II and Class III railroads that was repealed on January 1, 2024.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 to claim a 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 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 credits to be carried forward for 5 consecutive years and transferred to other taxpayers with liability for state taxes, subject to joint filing requirements with the Department of Revenue.

Extends the repealer date of this tax credit provision from January 1, 2024 to January 1, 2028.