Income tax; extend repealer on jobs tax credit for certain water transportation enterprises.

Water transport firms keep job credits

Beginning July 1, 2025, Mississippi extends its water transport job tax credit until the law's January 1, 2029 repeal. Companies eligible before that date keep their eligibility despite repeal. The credit provides $2,000 per qualifying job each year for five years, starting when the company chooses. Companies must mainly carry cargo on inland lakes, rivers, or intracoastal waterways, excluding the Great Lakes System. Jobs must be created in Mississippi on or after January 1, 2019. Workers must be Mississippi residents working at least 35 hours weekly. Monthly job averages determine the credit, with later years adjusted for employment changes compared with the prior year. Existing limits cap total credits at $2 million per tax year and each company's use at its Mississippi income tax bill. Unused credits carry forward for five years after the tax year earned, including after repeal. Business transfers do not create new eligibility, but unused credits can pass to the successor. Only qualifying water transport companies can use the credits, and the Department of Revenue oversees eligibility and reporting.