As the 2022 filing season is quickly approaching, we would like to remind you of important tax changes that will take effect.
House Bill 1108 - This bill allows a tax credit for certain new, reconstruction and replacement expenditures made by Class II and Class III railroads. The credit can be carried forward for five years.
House Bill 1162 - "This bill reenacts the income tax credits for taxpayers that use port facilities for the export of cargo and airport facilities at public airports to export or import cargo." (Form 80-100)
House Bill 1529 - Revises the definition of "gross income" to not include amounts received as grants under the Shuttered Venue Operators Grant Program, Restaurant Revitalization Fund, and Mississippi Agriculture Stabilization Act.
House Bill 1685 - "This bill creates the “Pregnancy Resource Act” that authorized an income tax credit, insurance premium tax credit and ad valorem tax credit for voluntary cash contributions by certain
taxpayers to eligible charitable organizations. The credit is available to a business enterprise engaged in commercial, industrial, or professional activities and operating as a corporation, limited liability company, partnership, or sole proprietorship. The credit is limited to 50% of the income tax due. Any unused portion of the credit may be carried forward for five (5) years. This credit is in lieu of the charitable
contribution deduction claimed on Form 80-108 (Federal Schedule A). This bill also authorizes an income tax credit for an employer of $20 for each verified blood donation made by an employee as part of a blood drive." (Form 80-100)
Link to MS state site: MS DOR