HB1762

Extends repealer on income tax credit for railroad reconstruction and new rail infrastructure expenditures.

Mississippi HB1762 extends the repealer on the statute that authorizes an income tax credit for qualified railroad reconstruction or replacement expenditures and qualified new rail infrastructure expenditures. The bill allows eligible taxpayers, defined as Class II or Class III railroads in Mississippi, to claim a credit against their taxes for up to 50% of their qualified expenditures, with certain caps. The credit can be transferred to eligible transferees under specific conditions. The repealer date for this credit is extended to January 1, 2030.