Income tax; authorize credit for fuel tax paid by commercial and charter boaters for fuel used on water rather than roads.

SB 3112 creates an income tax credit for Mississippi charter boat operators and commercial fishermen who pay fuel taxes on fuel used on waterways (not roads). The credit equals the amount of fuel taxes paid under specific state fuel tax laws for water-based operations. Unused credit can be carried forward for up to five years, but cannot exceed the taxpayer's annual state income tax liability. To claim the credit, businesses must apply with the Department of Revenue, providing proof of fuel taxes paid and a valid license.