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MS SB2481
Bill
AI Summary
- Increases the maximum annual income tax credit for approved reforestation practices from $10,000 to $20,000 per taxable year
- Increases the lifetime aggregate credit limit from $75,000 to $125,000 that an eligible owner may utilize
- Applies to eligible owners (private individuals, groups, or associations) who incur costs for reforestation of pine, hardwood, or mixed-stand trees on nonindustrial private lands
- Requires a written reforestation plan prepared and verified by an accredited or registered forester before claiming the credit
- Takes effect July 1, 2024
Legislative Description
Income tax; increase amount of credit for approved reforestation practices.
Last Action
Died In Committee
3/27/2024
Committee Referrals
Finance2/16/2024
Full Bill Text
No bill text available