SB3112

Mississippi SB3112 authorizes an income tax credit for fuel taxes paid by charter boat operators and commercial fishermen on fuel used on water.

Mississippi SB3112 allows an income tax credit for fuel taxes paid by charter boat operators and commercial fishermen on fuel used on bodies of water. The credit is limited to the total state income tax liability of the taxpayer for the year. Any unused portion of the credit can be carried forward for five consecutive years. The bill defines "charter boat operator" and "commercial fisherman" and requires taxpayers to apply for the credit with the Department of Revenue, providing necessary documentation. The act takes effect from January 1, 2026.