Mississippi Senate Bill SB2835

Mississippi 2023 Regular Session

• Introduced: 1/16/23
• Refer: 1/16/23
• Failed: 1/31/23

Caption

Job tax credits for water transportation enterprises; extend repealer on.

Impact

The extended tax credit is intended to stimulate growth in the water transportation sector of Mississippi's economy by encouraging more companies to hire full-time employees. By continuing this credit, the state aims to bolster local employment rates while reinforcing its commitment to enhancing its water transportation infrastructure and industry. The bill seeks to ensure that eligible enterprises can continue to benefit financially from job creation, contributing to the overall economic development of the region.

Summary

Senate Bill 2835 amends Section 27-7-22.40 of the Mississippi Code to extend the repeal date on provisions allowing water transportation enterprises to claim an income tax credit. This credit offers $2,000 annually for each Mississippi full-time job created over a five-year period. The amendment is aimed at supporting water transportation companies by providing financial incentives for job creation within the state, targeting enterprises engaged in inland water cargo transportation.

Contention

While supporters highlight the economic advantages and job creation potential of SB2835, there may be concerns regarding the sustainability of tax incentives and their long-term impact on state revenues. Opponents might argue that extensive tax breaks could lead to fiscal challenges by reducing the funds available for other state services. Therefore, balancing the immediate benefits of job creation against the state's financial health could become a point of contention during discussions and voting on the bill.