Mississippi Code 1972 (2023) › Title 27 - TAXATION AND FINANCE (§§ 27-1-1 — 27-117-15) › Chapter 7 - INCOME TAX AND WITHHOLDING (§§ 27-7-1 — 27-7-NEW-002) › Article 1 - INCOME TAX (§§ 27-7-1 — 27-7-109) › Section 27-7-22.23 - Income tax credit for utilization of port facilities at state, county and municipal ports for import of cargo

(1)
As used in this section, the term "port" means a state, county or municipal port or harbor established pursuant to Sections
59-5-1
through
59-5-69
, Sections
59-7-1
through
59-7-519
, Sections
59-9-1
through
59-9-85
or Sections
59-11-1
through
59-11-7
.
(2)
Subject to the provisions of this section, for any income taxpayer utilizing the port facilities at any port for the import of cargo that is unloaded from a carrier calling at any such port, a credit against the taxes imposed pursuant to this chapter shall be allowed in the amounts provided in this section. In order to be eligible for the credit authorized under this section, a taxpayer must locate its United States headquarters in Mississippi on or after July 1, 2004, employ at least five (5) permanent full-time employees who actually work at such headquarters and have a minimum capital investment of Two Million Dollars ($2,000,000.00) in Mississippi. For the purposes of this section, "full-time employee" shall mean an employee who works at least thirty-five (35) hours per week.
(3)
(a)
Except as otherwise provided by subsection (4) of this section, the amount of the credit allowed pursuant to this section shall be the total of the following charges on import of cargo paid by the corporation:
(i)
Receiving into the port;
(ii)
Handling from a vessel; and
(iii)
Wharfage.
(b)
The credit allowed pursuant to this section shall not include charges paid by a corporation on the import of forest products.
(4)
The credit provided for in this section shall not exceed fifty percent (50%) of the amount of tax imposed upon the taxpayer for the taxable year reduced by the sum of all other credits allowable to such taxpayer under this chapter, except credit for tax payments made by or on behalf of the taxpayer. Any unused portion of the credit may be carried forward for the succeeding five (5) years. The maximum cumulative credit that may be claimed by a taxpayer under this section is limited to One Million Dollars ($1,000,000.00) if the taxpayer employs at least five (5), but not more than twenty-five (25) permanent full-time employees at its headquarters in Mississippi; Two Million Dollars ($2,000,000.00) if the taxpayer employs more than twenty-five (25), but not more than one hundred (100) permanent full-time employees at its headquarters in Mississippi; Three Million Dollars ($3,000,000.00) if the taxpayer employs more than one hundred (100), but not more than two hundred (200) permanent full-time employees at its headquarters in Mississippi; and Four Million Dollars ($4,000,000.00) if the taxpayer employs more than two hundred (200) permanent full-time employees at its headquarters in Mississippi.
(5)
To obtain the credit provided for in this section, a taxpayer must provide to the Department of Revenue a statement from the governing authority of the port certifying the amount of charges paid by the taxpayer for which a credit is claimed and any other information required by the Department of Revenue.
Laws, 2004, ch. 530, § 1; Laws, 2006, ch. 562, § 1; Laws, 2010, ch. 391, § 1; Laws, 2011, ch. 427, § 1, eff. 7/1/2011.