Bill > HB972

This bill extends the tax credit program for water transportation enterprises in Mississippi, which provides a $2,000 annual tax credit for each full-time job created in the state. Specifically, the bill changes the expiration date of the tax credit program from January 1, 2026, to January 1, 2029, allowing water transportation enterprises (defined as businesses primarily engaged in transporting cargo on inland waterways) to continue claiming the credit for an additional three years. A "Mississippi full-time job" is defined as a job created after January 1, 2019, filled by a state resident working at least 35 hours per week. The tax credit is subject to several restrictions, including a maximum annual aggregate credit limit of $2 million across all qualifying businesses, and can only be used against the enterprise's state income tax liability. Any unused credits can be carried forward for up to five consecutive years. The bill ensures that businesses eligible for the credit before the new expiration date can continue to claim and carry forward credits, even after the program's technical repeal. The legislation will take effect on July 1, 2025, providing continuity for water transportation businesses in Mississippi.

Budget and Finance

https://billstatus.ls.state.ms.us/2025/pdf/history/HB/HB0972.xml