Mississippi SB2832 extends the repealer date for income tax credits on railroad expenditures.
Mississippi SB2832 amends Section 27-7-22.42 of the Mississippi Code of 1972 to extend the repealer date for income tax credits on qualified railroad reconstruction or replacement expenditures and qualified new rail infrastructure expenditures. This act allows Class II or Class III railroads in Mississippi to claim a credit against their taxes for these expenditures. The credit is capped at 50% of the expenditures, with a maximum of $1,000,000 per new rail infrastructure project and $8,000,000 in total credits per calendar year.
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