SB2861

Increases the income tax credit for approved reforestation practices in Mississippi.

Mississippi SB2861 amends the income tax credit for approved reforestation practices, increasing the allowable credit amount. Eligible owners, including private individuals, groups, or associations, can claim a credit for costs related to approved reforestation practices on nonindustrial private lands. The credit is limited to the lesser of the actual costs or the average cost of approved practices. The bill also sets a maximum lifetime credit of $125,000 and a maximum annual credit of $20,000. Unused credits can be carried forward to future tax years.