MS SB3071

Allows eligible owners of nonindustrial private lands to claim an income tax credit equal to 50% of actual costs incurred for pasture conversion practices, including clearing, grubbing, seeding, and nutrient management.

Limits the annual credit to the lesser of $10,000 or the taxpayer's income tax liability minus other allowable credits, with unused amounts carrying forward to future years.

Caps lifetime credit usage at $75,000 in the aggregate per eligible owner.

Excludes lands that receive state or federal cost-share assistance from the credit unless the owner's adjusted gross income is below the federal earned income credit level.

Requires a written pasture conversion plan prepared and verified by a county agent or National Resource Conservation Service agent confirming completion of the conversion practices.