- Reforestation Credit: This credit, based on the costs incurred for certain approved reforestation practices, is an amount equal to the lesser of fifty percent of the actual cost of approved practices or fifty percent of the average cost of approved practices as established by the Mississippi Forestry Commission. In any taxable year, the credit shall not exceed the lesser of $10,000 or the amount of income tax imposed upon the eligible owner for the taxable year reduced by the sum of all other credits allowable to the eligible owner (except for withholding credits, estimated tax payments, and/or credit for tax paid to another state). The maximum reforestation tax credit that an eligible owner may utilize during his or her lifetime is $75,000 in the aggregate. Any unused portion of the credit may be carried forward to succeeding years. Generally, reforested acreage on which the eligible owner receives any state or federal cost share assistance funds to defray the cost of an approved reforestation practice is not eligible for the credit, unless the eligible owner's adjusted gross income is less than the federal earned income credit level. Unused credit may not be carried forward. Any expenses on which the credit is calculated must be added back to taxable income.
- Child Adoption Credit: An income tax credit is available up to $2,500 for qualified adoption expenses paid or incurred during the tax year for each child legally adopted by a taxpayer.The credit may be claimed for the tax year in which the adoption becomes final and any unused credit may be carried forward for three (3) years. If the Child Adoption Credit is claimed then the child cannot be claimed as a dependent.
- Historic Structure Rehabilitation Credit: A 25% tax credit for the rehabilitation of historic structures used for residential or business purposes. Owner-occupied dwellings and properties used for income-producing purposes are eligible. Expenditures must have been incurred after January 1, 2006, to qualify.
- Long-Term Care Credits: There is a credit for premiums paid for certain qualified long-term care insurance policies as defined in Section 7702B of the Internal Revenue Code. The credit available is twenty-five percent (25%) of premiums paid during the taxable year not to exceed $500 or the taxpayer's income tax liability, whichever is less, for each qualified long term care insurance policy. No carry forward is allowed for any unused portion. Enter here the amount of credit you qualify for.
- Wildlife Land Use Credit: Effective January 1, 2010, a state income tax credit is allowed that provides a $5.50 per acre tax credit for certain taxpayers that allow land to be used as a natural area preserve, wildlife refuge, wildlife management area or public outdoor recreation area. Land must first be approved to be suitable for the uses listed above by the Mississippi Commission on Wildlife, Fisheries, and Parks. Any unused credit amount may be carried forward for five (5) years from the close of the taxable year in which the land was approved for such a use.
Other credits available include:
- Premium Retaliatory Tax Credit
- Finance Company Privilege Tax Paid for Same Tax Year
- Credit for Advanced Technology or Enterprise Zone
- Jobs Tax Credit
- National or Regional Headquarters Credit
- Research and Development Skills Credit
- Business Child/Dependent Care Credit
- Basic Skills Training or Retaining Credit
- Credit for Gambling License Fee Based on Gross Revenue
- Financial Institution Jobs Credit
- Mississippi Business Finance Corporation Revenue Bond Service Credit
- Ad Valorem Inventory Tax Credit
- Export Port Charges Credit
- Guaranty Credit
- Import Credit
- Land Donation Credit
- Broadband Technology Credit
- BrownField Credit
- Airport Cargo Charges Credit
- Manufacturer's Investment Tax Credit
- Producer of Alternative Energy Job Credit
- New Markets Tax Credit
- Biomass Energy Investment Tax Credit
- Bank Share Credit
To find information about these credits, visit the
Mississippi Department of Revenue website
.
