HB717

Extends repealer on income tax credit for railroad reconstruction or replacement expenditures in Mississippi.

Mississippi HB717 amends the Mississippi Code to extend the repealer on the income tax credit for qualified railroad reconstruction or replacement expenditures and qualified new rail infrastructure expenditures. The bill defines eligible taxpayers as Class II or Class III railroads in Mississippi and allows a credit for up to 50% of expenditures or $5,000 per mile of track, whichever is less. The credit can be transferred to another taxpayer within five years of the taxable year in which the expenditures were made. The repealer on this section is extended to January 1, 2030.