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Mississippi Free Printable Microsoft Word - Pass Through Entity 2015 Instructions.pdf for 2024 Mississippi Pass Through Entity Tax Return Instructions

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Pass Through Entity Tax Return Instructions
Microsoft Word - Pass Through Entity 2015 Instructions.pdf

Form 84-100-22-1-1-000(Rev.12/23) PASS-THROUGH ENTITY INCOME AND FRANCHISE TAX INSTRUCTIONS 2023 INCOME AND FRANCHISE TAX BUREAU PO BOX 1033 JACKSON, MISSISSIPPI 39215-1033 WWW.DOR.MS.GOV December 2023 TABLE OF CONTENTS GENERAL INFORMATION AND INSTRUCTIONS 3 NEW LEGISLATION WHO MUST FILE DEFINITIONS TERMINATION OF S CORPORATION ELECTION TIME AND PLACE FOR FILING ELECTRONIC FILING TAXPAYER ACCESS POINT (TAP) WHO MUST SIGN REQUIRED FORMS AND SCHEDULES TAX PAYMENTS ESTIMATED TAX PAYMENTS INTEREST AND PENALTY PROVISIONS ACCOUNTING METHODS ACCOUNTING PERIOD ROUND TO THE NEAREST DOLLAR RECORDKEEPING TAX RATES AMENDED RETURN TREATMENT OF DISREGARDED ENTITIES 3 4 4 5 5 5 5 5 6 6 7 7 7 7 8 8 8 8 8 FRANCHISE TAX (S CORPORATIONS) 9 INCOME TAX 10 INSTALLMENT SALES INTANGIBLE AND INTEREST EXPENSES ARMS-LENGTH TRANSACTIONS LONG TERM CAPITAL GAINS FROM SALES OF STOCK EXTRATERRITORIAL INCOME APPORTIONMENT/ALLOCATION NET OPERATING LOSS (NOL) PRODUCERS OF MINERAL OR NATURAL RESOURCE PRODUCTS UNRELATED BUSINESS TAXABLE INCOME – EXEMPT ORGANIZATIONS 10 10 10 10 10 10 11 11 11 INCENTIVE CREDITS AND EXEMPTIONS 12 SPECIFIC INSTRUCTIONS 17 FORM 84-105 FORM 84-122 FORM 84-131 FORM 84-132 FORM 84-150 FORM 84-155 FORM 83-305 17 18 20 20 21 21 21 COMPOSITE FILING ELECTING PASS-THROUGH ENTITY DISTRICT OFFICES APPENDIX – COUNTY CODES 22 22 24 25 TAX CREDIT CODES 26 House Bill 1125 – Effective February 8, 2023 This bill, called the Regulate Experimental Adolescent Procedures (REAP) Act, prohibits deductibles paid in association with gender transition procedures for a person under 18 years of age to be claimed on a state income tax return. GENERAL INFORMATION AND INSTRUCTIONS Important tips to help expedite processing of your return:  Use black ink when preparing the return.  To indicate a loss (negative income), use brackets around the dollar amount. House Bill 1668 – Effective January 1, 2023 This bill revises the method by which a partnership, S corporation or other similar pass-through entity may elect to become an “electing pass-through entity” for state income tax purposes and provides that any additional income tax credits generated by the electing pass-through entity shall be passed through to the owners on a pro rata basis and that any excess credit may be carried forward as an overpayment or refunded. Limitations applicable to credits generated by the electing pass-through entity shall apply at the owner, member, partner or shareholder level. This bill applies to any income tax return with an original due date on or after January 1, 2023.  Attach a copy of the federal return behind the state return including returns filed electronically. Combined filers must attach the consolidated Federal Form 1120 (pages 1-5), Schedule M-3 and a complete Pro-Forma Federal Return.  Additional schedules and attachments should be stapled to the return. Visit our website at www.dor.ms.gov to download forms by tax year and tax type. For more information on electing pass-through entities, see the “Updated Guidance on Pass-Through Entity Election”, Notice 80-23-001, and the Electing Pass-Through Entity FAQs on our website at https://www.dor.ms.gov/business/corporate-incomeand-franchise-tax. TAXPAYER ACCESS POINT (TAP) Remember, TAP is: • Easy to use • Convenient • Free House Bill 1671 – Effective January 1, 2023 This bill revises the requirements for a pregnancy resource center or crisis pregnancy center to be considered an eligible charitable organization for the Pregnancy Resource Charitable Contribution credit. Also, the bill allows the Pregnancy Resource Charitable Contribution credit to be used against ad valorem taxes and increases the amount of tax credits that may be allocated from $3,500,000 to $10,000,000. The amount of credit that can be allocated to a single eligible charitable organization was decreased from 50% to 25%. Go Paperless! With TAP, you have the option to Go Paperless. This means that you can pay your taxes online and receive certain correspondence electronically. TAP email lets you know that you have new correspondence to view online. You then logon to TAP to read the letter or message and take appropriate action on your account. Only you or persons you authorize can see your correspondence. The bill also increases the credit amount for voluntary cash contributions to a qualifying charitable organization from $400 to $1,200 for a single individual or head of household, and from $800 to $2,400 for a married couple filing a joint return for calendar year 2023 and each calendar year thereafter. A credit will also be allowed against ad valorem taxes and will be limited to an amount not to exceed 50% of the total ad valorem tax liability. Any credit claimed but not used may be carried forward for five (5) years. When making payments or updating profile information, you should always log directly into TAP using your User ID and password. TAP does not provide links containing your transaction or personal information to any external website. Remember, you can pay your bill online through TAP without registering for a TAP account. For more information on TAP, view the Electronic Filing Section of this booklet. The bill also increases the credit amount for voluntary cash contributions to a qualifying foster care charitable organization from $500 to $1,500 for a single individual or head of household, and from $1,000 to $3,000 for a married couple filing a joint return for calendar year 2023 and each calendar year thereafter. A credit will also be allowed against ad valorem taxes and will be limited to an amount not to exceed 50% of the total ad valorem tax liability. Any credit claimed but not used may be carried forward for five (5) years. NEW LEGISLATION House Bill 261 – Effective July 1, 2023 This bill increases the maximum amount of the qualified contribution for the endowment fund charitable credit for any taxpayer per year from $200,000 to $500,000 and extended the credit through 2028. The total amount of credits authorized each year increased from $500,000 to $1,000,000. Any credit claimed but not used may be carried forward for five (5) years. This bill also authorizes an income tax credit, insurance premium tax credit, and an ad valorem tax credit for business enterprises engaged in commercial, industrial, or professional activities for voluntary cash contributions made to an eligible transitional home organization. The credit is limited to 50% of the tax liability and may be carried forward for five (5) years. The aggregate amount of credit allocated during a calendar year shall not exceed $10,000,000. An income tax credit and ad valorem tax credit for individuals will also be allowed for voluntary cash contributions to an eligible transitional home organization. The aggregate amount of credit allocated during a calendar year shall not exceed $1,000,000. House Bill 390 - Effective March 8, 2023 This bill revises the time a taxpayer may elect to claim a historical rehabilitation rebate in lieu of claiming a tax credit by allowing the election to be made at any time after the certification of the rebate. If the taxpayer has utilized a tax credit on an income tax return prior to making an election to claim a rebate, then the available rebate will be reduced by the amount of credit realized. 3 The bill also authorizes an income tax credit, insurance premium tax credit, and an ad valorem tax credit for a business enterprises engaged in commercial, industrial, or professional activities for voluntary cash contributions made to an eligible charitable organization that contracts with physicians and/or nurse practitioners to provide health care services to lowincome residents of Mississippi. The credit is limited to 50% of the tax liability and may be carried forward for five (5) years. The aggregate amount of credit allocated during a calendar year shall not exceed $3,000,000. An income tax credit and ad valorem tax credit for individuals will also be allowed for voluntary cash contributions to an eligible charitable organization that contracts with physicians and/or nurse practitioners to provide health care services to low-income residents of Mississippi. for an employee’s children during the employee’s work hours. This credit must be certified by the Department of Revenue. Senate Bill 2858 – Effective July1, 2023 This bill increases the aggregate amount of investment tax credits that may be allocated to participating investors of Mississippi Small Business Investment Companies under the Mississippi Small Business Investment Company Act by $45,000,000. Senate Bill 2858 (2016 Legislative Session) - Miss. Code Ann. §27-13-1, §27-13-5, §27-13-7 and §27-13-67 Beginning with tax year 2018, the franchise tax will be completely phased out over a nine-year period ending with tax year 2027 as follows: The credit is limited to 50% of the tax liability and may be carried forward for five (5) years. The aggregate amount of credit allocated during a calendar year shall not exceed $1,000,000. Each charitable organization and each taxpayer wanting to claim any of the new credits above must apply to the Department of Revenue for approval. The bill also allows an income tax credit for individuals claiming a federal income tax credit for certain dependent care expenses. The credit is equal to 25% of the amount of the federal income tax credit claimed on the taxpayer’s federal income tax return. The tax credit is limited to the total income tax liability. In order to claim the credit, the taxpayer must claim the federal credit on their federal income tax return and must have a federal adjusted gross income of not more than $50,000. House Bill 1723 – Effective July 1, 2023 This bill authorizes an income tax credit, insurance premium tax credit, and ad valorem tax credit for a business enterprises engaged in commercial, industrial, or professional activities for voluntary cash contributions made to an eligible charitable organization that is purchasing, warehousing, and delivering food directly to food pantries or soup kitchens in more than five (5) Mississippi counties on a monthly basis. The credit is limited to 50% of the tax liability and may be carried forward for five (5) years. The aggregate amount of credit allocated during a calendar year shall not exceed $1,000,000. Each charitable organization and each taxpayer wanting to claim the credit must apply to the Department of Revenue. $2.50 per $1,000 of capital in excess of $100,000 Tax Year 2019 $2.25 per $1,000 of capital in excess of $100,000 Tax Year 2020 $2.00 per $1,000 of capital in excess of $100,000 Tax Year 2021 $1.75 per $1,000 of capital in excess of $100,000 Tax Year 2022 $1.50 per $1,000 of capital in excess of $100,000 Tax Year 2023 $1.25 per $1,000 of capital in excess of $100,000 Tax Year 2024 $1.00 per $1,000 of capital in excess of $100,000 Tax Year 2025 $0.75 per $1,000 of capital in excess of $100,000 Tax Year 2026 $0.50 per $1,000 of capital in excess of $100,000 Tax Year 2027 $0.25 per $1,000 of capital in excess of $100,000 Tax Year 2028 Franchise tax repealed effective January 1, 2028 WHO MUST FILE S Corporation Every S corporation domesticated or qualified to do business in Mississippi, and every S corporation engaged in business in Mississippi or having sources of income from Mississippi must file a return even if the corporation is inactive or not otherwise engaged in business. Such corporation will remain subject to the filing requirements until the corporation is officially dissolved or withdrawn through the Office of the Mississippi Secretary of State. House Bill 1733 – Effective January 1, 2023 This bill allows, for tax years beginning after December 31, 2022, a taxpayer to elect to take a full and immediate deduction for specified research or experimental expenditures that are paid or incurred by the taxpayer during the tax year in connection with the taxpayer's trade or business as expenses that are not chargeable to the capital account. Also, for tax years beginning after December 31, 2022, expenditures for business assets that are qualified property or qualified improvement property shall be eligible for 100% bonus depreciation and may be deducted as an expense during the tax year in which the property is placed in service at the election of the taxpayer. A taxpayer may also elect to treat the cost of any Section 179 property that was placed in service during the taxable year as an expense which is not chargeable to a capital account, and any cost so treated shall be allowed as a deduction for that year. The total of any depreciation method or combination of methods used cannot exceed one hundred percent (100%) of the cost of the subject property. House Bill 1734 – Effective July 1, 2023 This bill provides a fifty percent (50%) income tax credit to any employer that provides a child care stipend of at least $6,000 to a licensed or registered entity providing dependent child care Tax Year 2018 Foreign S corporations engaged in business in Mississippi or having sources of income in this state although not qualified to transact business in this state through the Office of the Secretary of State are subject to the measure of the franchise tax levy. Partnership Every partnership, LLC, or LLP, domestic or foreign, deriving income from property owned within the State of Mississippi or business, trade, profession or occupation carried on within the state must file a return. Exempt Organization Every exempt corporate organization as described in Miss. Code Ann. §27-7-27 or §27-7-29 and not otherwise exempt from the income tax levy is required to make a corporate tax filing if they have Mississippi unrelated business taxable income. Refer to the “Unrelated Business Taxable Income of Exempt Organizations” section of this booklet for more information. 4 LLPs must file no later than the 15th day of the 3rd month following the end of the fiscal year. Extension of Time to File Return Mississippi will follow federal return filing and extended due dates. Taxpayers requesting an extension of time to file the return must remit the tax due with Form 83-180, on or before the due date of the return. The authorized extension of time to file does not extend the time for payment of the income or franchise tax due. Interest and penalty will apply on any underpayment of tax. S Corporation "S corporation" means a corporation for which a valid election under section 1372(a) of the Internal Revenue Code is in effect. A corporation must file Form 84-105 if (a) it elected to be an S corporation by filing Federal Form 2553, (b) the IRS accepted the election, and (c) the election remains in effect. Do not file Form 84-105 until the corporation has been notified by the IRS that the federal election has been accepted. The return should be mailed to: An S corporation is not subject to income tax imposed by Miss. Code Ann. §27-7-5 but may be subject to withholding requirements as explained under the “Tax Payments” section of this booklet. Also, every S corporation domesticated or qualified to do business in Mississippi is subject to the measure of the franchise tax levy. Department of Revenue P.O. Box 23191 Jackson, MS 39225-3191 Partnership The term "partnership" includes a syndicate, group, pool, joint venture or other unincorporated organization through or by means of which any business, financial operation or venture is carried on, and which is not within the meaning of a corporation, trust or estate. Street Address: 500 Clinton Center Drive Clinton, MS 39056 Pursuant to the authority granted to the Department of Revenue in Miss Code Ann Section 27-3-83 and Title 35, Part I, Chapter 4 of the Mississippi Administrative Procedures and Procedures Code, the Department of Revenue will mandate all Corporations, S corporations, and Partnerships with assets of $250,000 or more and/or have returns with 100 or more K-1s to file electronically for tax years beginning on or after January 1, 2019 and all subsequent tax years. A domestic or foreign limited liability company (LLC) is classified as an entity for purposes of Mississippi income tax laws in the same manner as the entity is classified for federal income tax purposes. If an LLC is treated as a partnership for federal income tax purposes, it will file as a partnership for Mississippi purposes. If an LLC is treated as a corporation for federal income tax purposes, it will file as a corporation for Mississippi income and franchise tax purposes. Failure to file returns electronically may subject taxpayers to a penalty of twenty-five dollars ($25.00) for the first instance of noncompliance and five hundred dollars ($500.00) for each additional instance of noncompliance. Please contact the Department of Revenue at (601) 972-7700 if you are unable to comply with this mandate. In this booklet, all three entities (partnership, LLC, and LLP) may, at times, be referred to as "partnerships" and partners/members referred to as "partners". TAXPAYER ACCESS POINT (TAP) TAP provides online access to your tax account information 24 hours a day, 7 days a week. TAP is free and convenient! Once the election is made to be treated as an S corporation, it stays in effect until it is terminated. Mississippi considers the election to be terminated at such time as the election is considered terminated for federal purposes. Users of TAP are able to: • make electronic payments of returns and assessments; • view previously filed returns and amended returns; • make address changes and view tax correspondence; • view recent account activity, and; • register a new business or add accounts to the business; TIME AND PLACE FOR FILING Third Party Access for Tax Practitioners Tax practitioners can have TAP access to account information for each of your clients - from one login. First, create your own TAP account (only one per FEIN). Once you are registered in TAP, select "Add Access to Existing Account." Your client (taxpayer) must provide you the Letter ID and Account ID in order for you to have access to their accounts. All accounts you set up for third party access are found under the "Other Taxpayers' Accounts" tab in TAP. For more information on TAP, visit our website at www.dor.ms.gov. S Corporation The Mississippi Pass-Through Entity Tax Return must be filed on or before the 15th day of the 3rd month following the close of the accounting year. If the due date falls on a Saturday, Sunday or legal holiday, the return is due the next business day. A business day is any day that is not a Saturday, Sunday or legal holiday. If the S election was terminated during the tax year, the due date of Form 84-105 is on or before the 15th day of the 3rd month following the date of termination. Partnership Calendar year partnerships, LLCs and LLPs must file no later than March 15th annually. Fiscal year partnerships, LLCs and Users cannot file Pass-Through Entity Tax Returns in TAP. However, tax preparers have the ability to file the tax returns electronically through an authorized software provider. A copy of the complete federal return must be submitted electronically. 5 Please visit our website at www.dor.ms.gov for additional information on how to file Mississippi returns on-line and how to access approved on-line software providers. click on Taxpayer Access Point (TAP) and follow the instructions. Without a MARS account or a TAP login, users are able to make estimate payments online. • S Corporation The return must be signed by the president, vice president or other officer of the corporation. A receiver, trustee or assignee must sign any return which he/she is required to file on behalf of a corporation. Check or Money Order Payments: To pay by check or money order, complete the payment voucher (Form 84-300), make the check or money order payable to the Department of Revenue and mail both to P.O. Box 23192 Jackson, MS 39225-3192. Pass-Through Entities may not pay tax on its income but may choose to "pass through" any profits (losses) to its shareholders/partners (owners). Owners must include pass through items on their income tax returns. Individual owners are subject to tax upon their distributive share of pass-through entity net income, whether it is distributed to them or not. A non-resident individual, who is a member of a pass-through entity owning property or doing business in the State of Mississippi, is subject to tax on his share of the pass-through entity net income, whether distributed or not. Partnership The return must be signed by one general partner or limited liability company member. If a receiver, trustee in bankruptcy, or assignee controls the organization's property or business, that person must sign the return. Anyone who prepares the return but does not charge the company should not complete the paid preparer section. Generally, anyone who is paid to prepare the return must legibly sign it and must also furnish the preparer tax identification number (PTIN) issued by the Internal Revenue Service (IRS). If the pass-through entity does business both within and without the state, it will be necessary to compute the income (loss) of the pass-through entity from sources within the state in order to determine the amount of income taxable to, or the amount of the loss deductible by, the non-resident owners. The non-resident shareholder/partner is subject to tax only on such share of his income, whether or not distributed, as is assignable to Mississippi. To be a complete return, the return should contain all the requisite general information, as well as all summary tax information and the basic back up schedules. Examples of the required general information are complete name, current address, FEIN, officer information and signature and other information relating to the filing entity as requested on page 2 of Form 84-105. S Corporation An S corporation may elect to file a composite or electing passthrough entity return and make payments of tax on behalf of its non-resident and/or resident shareholders. For more information on filing composite, see the “Composite Filing” section of this booklet. If a non-resident is going to file a Mississippi nonresident individual tax return, he or she must not be included in a composite return but should separately pay estimated taxes as an individual using Form 80-106. For more information on filing as an electing pass-through entity, see the “Electing Pass-Through Entity” section of this booklet. Examples of the summary tax information are the front page of the return, the franchise tax schedule, the computation of net income, the computation of the apportionment factor (if applicable), the balance sheet, nonbusiness income schedule (if applicable), the direct accounting income statement (if applicable), schedules showing the computation of any tax credit taken (such as jobs credit) and the Schedule K reflecting information pertaining to shareholders' distributive shares of income and deductions. Non-Resident S Corporation Income Tax Agreement All non-resident shareholders of Mississippi S corporations are required to execute an agreement (a) to file a return and to make timely payment of all taxes imposed on the shareholder by the state of Mississippi with respect to the income of the S corporation, and (b) to be subject to personal jurisdiction in this state for purposes of the collection of income taxes, together with related interest and penalties, imposed on the shareholder by this state with respect to the income of the S corporation. Form 84380 should be filed with the S corporation and maintained by the S corporation as a part of its permanent tax files. This form should not be sent with the Pass-Through Entity Tax Return. Examples of the basic backup schedules are details of other additions or other deductions as requested on the computation of net income schedule, details of other additions or other deductions as requested on other statements made a part of the return, details of other current assets and other assets, and details of other current liabilities and other liabilities on the balance sheet as are normally included with the federal return. In the event the S corporation fails to obtain the agreement of a non-resident shareholder indicated above or in the event a nonresident shareholder fails to file a return and make timely payments of all taxes imposed on the shareholder by this state, the S corporation shall make a payment to the state in an amount equal to the highest marginal tax rate in effect under Miss. Code Ann. §27-7-5 (5%) multiplied by the shareholder's pro rata share of the income attributable to the state reflected on the corporation's return for the taxable period. The total tax due on the return must be paid in full no later than the 15th day of the 3rd month after the end of the tax year (S Corporation and Partnership). Payment Options: • Online Payments: To pay online, go to www.dor.ms.gov, 6 Partnership In the event the individual partners fail to report and pay the taxes imposed according to Miss. Code Ann. §27-7-25, the partnership and the general partners shall be jointly and severally liable for said tax liability and shall be assessed accordingly. However, the partnership and/or general partners shall not be liable if the partnership withholds 5% of the net gain or profit of the partnership for the tax year and remits the same to the Commissioner. The penalty imposed for failure to pay the tax when due is 1/2% per month not to exceed 25% in the aggregate. In a sale of real property and associated tangible personal property which is not considered an exchange or trade of such property, and which results in gross proceeds greater than $100,000.00 paid by the buyer to the seller and owned by a nonresident, the seller, rather than the buyer, shall be responsible for paying over to the Department of Revenue an amount equal to 5% of the amount realized by the seller. A partnership that has income from sources within and without Mississippi should withhold from Mississippi source income only. A partnership can file a composite return or an electing pass-through entity return. See the “Composite Filing” section of this booklet for additional information on composite returns. See the “Electing Pass-Through Entity” section of this booklet for additional information on electing pass-through entities. • Incomplete Returns: A company that does not file a complete return or does not file a return within the prescribed time may be subject to a penalty of $25 per required attachment or schedule up to a maximum o f $500 per return. Direct or Separate Accounting Method: Producers of mineral or natural resource products and construction contractors are required to use direct accounting in computing their taxable income to this state. For more details, see Title 35, Part III, Subpart 08, Chapter 06 of the Miss Administrative Code. Other taxpayers may not employ a direct accounting or separate accounting method unless they have obtained written authority from the Commissioner to do so. Refer to the Producers of Mineral or Natural Resource Products Section of this booklet for additional information. Every taxpayer, filing a composite return or electing passthrough entity return, with an annual income tax liability in excess of $200 must make estimated tax payments. At least 90% of the current income tax liability of the entity filing a composite or electing pass-through entity return must be paid by submitting quarterly payments. The remaining balance is due by the due date of the return. Returns should be filed on the basis of the 12-month accounting period established by the corporation. A corporation on a fiscal year basis must enter the beginning and ending dates of the taxable year in the appropriate spaces on the return. No accounting period, other than the calendar year, will be recognized unless before its close, it was definitely established as an accounting period by the taxpayer and the books of such taxpayer were kept in accordance therewith. The due dates for estimated tax payments are: • 15th day of the 4th month after year end; • 15th day of the 6th month after year end; • 15th day of the 9th month after year end, and; • 15th day of the 12th month after year end. The payment is due on the next business day if the date falls on a Saturday, Sunday or legal holiday. Penalties may apply if the corporation does not make the required estimated tax payments by the due date. Use Form 83-305 to determine the amount of interest and penalty on underestimate. See the specific instructions for Form 83-305 in this booklet for more information. Late Payment: Interest and penalty are charged on taxes paid late even if an extension of time to file is granted. The interest is assessed from the due date until paid and is computed at 1/2 of 1% per month. Late or Non-Filer: Penalties are imposed for failure to file a return when due on the total amount of the tax deficiency or delinquency. The penalty is 5% per month not to exceed 25% in the aggregate. The penalty shall not be less than $100 for income tax for failure to file a return. The purpose of this penalty provision is to ensure that sufficient information is disclosed on the return. If major schedules (such as the balance sheet) are omitted or incomplete, or if schedules are consistently omitted or incomplete, then the penalty will be imposed. The more severe or consistent the omission, the more likely it is that the penalty will be imposed. Refer to the “Required Forms and Schedules” section of this booklet for additional information on what constitutes a complete return. Partnerships electing to report tax on partnership net income in this manner should submit Form 84-387. Partners with tax remitted to the Department of Revenue through partnership withholding should claim the amount as estimated tax on his or her individual income tax return. Form 84-387 should be provided to the partner by the partnership showing the correct amount withheld. • • ROUND TO THE NEAREST DOLLAR All dollar amounts should be rounded to the nearest whole dollar (no pennies). Round down to the next lower dollar amounts under $.50 and round up to the next higher dollar amounts of $.50 and over. For example: $2.15 becomes $2.00; $4.75 becomes $5.00; and $3.50 becomes $4.00. 7 Taxpayers are required to maintain an accurate and complete set of records and other information necessary for the Department to determine the correct amount of tax due. The are not refunded will be applied to the next period for which the corporation makes a filing. records and other information must be available for inspection by the Department upon request at a reasonable time and location. Refusal or delay by the taxpayer to provide documentation upon the Department’s request will result in an assessment being made from any information available, which shall be prima facie correct. Treatment of A QSSS and Its Owner: A federal election to be treated as a Qualified Subchapter S Subsidiary (QSSS) is considered an election for state purposes and as such the QSSS will be treated the same for state income and franchise tax purposes. Thus, the QSSS’s activity is treated as a division of its parent S corporation for federal income tax purposes and will be treated in the same manner for state income and franchise tax purposes. Franchise Tax (S Corporation): $1.25 per $1,000 of capital, or fractional part thereof, of capital, surplus, undivided profits, and true reserves employed in Mississippi in excess of $100,000 (minimum tax of $25). Income Tax (Composite and Electing Pass-Through Entity): 0% on the first $5,000 of taxable income, 4% on the next $5,000 of taxable income and 5% on all taxable income in excess of $10,000. A parent S corporation that is required to file and report for federal income tax purposes on the activity conducted in Mississippi by its QSSS is considered doing business in Mississippi for both income and franchise tax purposes and shall include the activity of the QSSS when making income and franchise tax return filings to this state. The QSSS will not make separate return filings. Attach a copy of the approved federal QSSS election when filing the parent S corporation return. File an amended return to: • • • • • make adjustments to tax; claim a refund due to an adjustment to tax; claim a net operating loss (NOL) carryback deduction; report federal adjustments (amended federal return), and; report IRS audit adjustments (RAR). S corporations that do not have a QSSS election in effect will make return filings in the same manner as any other S corporation. An S corporation is subject to the franchise tax and must compute its Mississippi income. Unless a composite return election is in effect, each shareholder will make a separate filing to this state reporting its Mississippi taxable income and, if a corporation, will make at least the minimum franchise tax payment. When to File: A taxpayer may apply to the Department for revision of any return filed at any time within three (3) years of the due date; or, if an extension was granted, three (3) years from the date the return was filed. The 3-year period is not applicable to an IRS audit; however, no additional assessment or refund will be made more than three (3) years after the date the IRS disposes of the tax liability in question. Treatment of a SMLLC and Its Owner: A Single Member Limited Liability Company (SMLLC) that is disregarded for federal reporting purposes will, likewise, be disregarded for state reporting purposes. Net Operating Loss (NOL): Form 84-155 must be filed with an amended return in order to claim a net operating loss deduction. Form 84-155 is used to make an irrevocable election to carryback or carryforward the current year NOL. For more information concerning net operating losses, see the “Net Operating Loss (NOL)” section of this booklet. The SMLLC’s activity in this state will be reported by the owner of the SMLLC when making its return filings. A corporate owner of an SMLLC will make income and franchise tax return filings based on its activities and the activities of any disregarded entities. If the owner of the SMLLC is itself an SMLLC or other type of disregarded entity, then such amounts will be reported by the ultimate owners which are not disregarded entities. Internal Revenue Service Audit (RAR): To document adjustments made as a result of an IRS audit, the Revenue Agent Report should be attached to the Mississippi amended return. Amended Federal: To document adjustments made as a result of an amended federal return, a copy of the amended federal return should be attached to the amended Mississippi return. Any other documentation supporting the adjustments made should also be included with the amended Mississippi return. Attach a copy of the original filed return. Overpayments that 8 The amount of capital apportioned to Mississippi is computed on line 13 of Form 84-110. The section of Form 84-110 concerning the assessed value of all real and personal property in Mississippi must be completed by all corporations. Miss. Code Ann. §27-13-9 and §27-13-13, provide that the amount of the determined capital in Mississippi should in no case be less than the assessed value of the Mississippi property of the corporation for the year preceding the year in which the return is due. FRANCHISE TAX (S CORPORATIONS) The franchise tax is measured by the value of capital used, invested or employed in the exercise of any power, privilege or right enjoyed by the corporation within Mississippi. The mode of measurement is the amount of capital of the corporation employed or so situated as to be privileged to be employed in this state. In determining the amount of capital, the net book value as regularly employed in conducting the affairs of the corporation should be accepted as prima facie correct as to the true capital of the corporation, except where the Commissioner determines that the book value does not properly reflect capital employed in this state, and in that situation, the Commissioner's determination of capital should be prima facie correct. Taxable capital is calculated on lines 15 through 18 of Form 84110. The amount of taxable capital shown on line 18 should be entered on line 1, Form 84-105. For tax years ending on or after December 31, 2001, the property and receipts of flow-through entities must be included in a multistate corporate partner’s computation of the apportionment ratio applied to the capital base. The assessed value of property of flow-through entities must be included in a multistate corporate partner’s assessed value of property when determining the alternate capital base. Form 84-110 must be completed by all corporations to indicate the amount of capital of the corporation. All reserves that do not represent definitely known and fixed liabilities must be considered as elements of capital of the corporation. Amounts designated for payment of dividends may not be excluded unless such amounts have been definitely and irrevocably placed to the credit of the stockholder, subject to withdrawal on demand. Sums representing debts, notes, bonds, mortgages due and payable, depreciation reserves, bad debt reserves, or reserves representing valuation accounts may be excluded (unless between affiliated companies or shareholders). Holding Corporation: A holding corporation, as defined in Miss. Ann. Code §27-13-1(i), is (1) any corporation owning at least eighty percent (80%) of the value of capital stock and at least eighty percent (80%) of the combined voting power of all classes of capital stock of another corporation and (2) deriving at least ninety-five percent (95%) of its gross receipts from dividends, interest, royalties, rents, services provided to members of an affiliated group (as defined in Section 27-7- 37(2)(d)) to the extent of the cost of providing such services. Per Miss. Ann. Code §27-13-1(i), in the case of a holding corporation, the value of the capital used, invested or employed in this state shall exclude that portion of the book value of the holding corporation’s investment in stock or securities of its subsidiary corporation using the ratio between (1) the holding corporation’s investment in stock or securities of its subsidiary corporation and (2) the holding corporation’s total assets. Such ratio shall then be applied to the total capital stock, surplus, undivided profits, and true reserves of the holding corporation in order to arrive at the amount of the exclusion. The holding company exclusion is computed on line 7 of Form 84-110 and a schedule of computation must be attached to the return for the exclusion. Multistate Taxpayers: Lines 9 through 12 of Form 84-110 must be completed by multistate corporations doing business both within and without Mississippi. Total capital of a multistate corporation is apportioned to Mississippi in the ratio that real and tangible personal property owned in Mississippi and gross receipts from business carried on in Mississippi bears to the total real and tangible personal property owned by the corporation and gross receipts wherever located and from wherever received. 9 INCOME TAX Generally, all domestic and foreign pass-through entities having income from sources within Mississippi must complete Form 84122, which makes adjustments for additions to and deductions from federal ordinary income due to differences in federal and Mississippi laws, to arrive at net income (loss) for state purposes. The state definition of "arms-length" is not tied to that of the federal definition. See Miss. Code Ann. § 27-7-9(j)(6). The Commissioner can adjust a transaction when income has been shifted between related parties and/or taxes have been avoided in this state. Mississippi does not follow federal rules concerning installment sales. Gains from the sale of casual property will be recognized in the year of the sale. However, the tax on the gain may be deferred. Deferred taxes are generally paid as the proceeds from the sale are received. However, the following will result in acceleration of payments: • Transfer, disposition, sale or disposal of the note in any manner will result in deferred tax payments becoming immediately due and payable. • Liquidation, dissolution, withdrawal from this state and certain merger transactions will result in deferred tax payments becoming immediately due and payable. • Failure to comply with the necessary filing requirements. Gains from the sale of certain stocks in domestic entities are not recognized as a part of income. However, the gain must be reduced by losses from the sale of certain stocks in domestic entities if the losses were incurred in the year of the gain or within the two years preceding or subsequent to the gain. See Miss. Code Ann. § 27-7-9(f)(10). Mississippi has not adopted federal provisions related to Extraterritorial Income Exclusion. The amount related to this exclusion of income on the federal return must be added back to the Mississippi income tax return prior to the apportionment of income. The proper placement for this Mississippi adjustment to federal income is on Form 84-122, line 9 titled "Other Additions Required by Law". A copy of Federal Form 8873 should be attached to the Mississippi return when this adjustment is being made for federal purposes. Taxpayers who elect the installment method for federal income tax purposes should include as a part of their return both a Federal Form 6252 and a schedule of any differences between the federal and Mississippi amounts. In addition, a FSC (Foreign Sales Corporation) that is organized under the laws of a U.S. territory is treated as a domestic corporation and, thus, dividends received from it are considered apportionable business income. Taxpayers are required to add back the following to its computation of net income: • Intangible expenses and costs and interest expenses and costs in relation to or in connection with the direct or indirect maintenance or management, ownership, sale, exchange, or other disposition of intangible property. • Royalty, patent, technical and copyright fees, licensing fees and other similar expenses. • Expenses and costs associated directly or indirectly with factoring transactions or discounting transactions. Total Assignment of Income: If the business activity in respect to any trade or business of the pass-through entity occurs within this state, and if by reason of such business activity the pass-through entity is not taxable in another state, the total net income (loss) of the pass-through is assigned to Mississippi. Apportionment of Business Income: If the business activity in respect to any trade or business of a taxpayer occurs both within and without this state, and if by reason of such business activity the taxpayer is taxable in another state, the portion of the net income (loss) arising from such trade or business which is derived from sources within this state, should be determined by apportionment in accordance with the formulas prescribed by Title 35, Part III, Subpart 08, Chapter 06 of the Miss. Admin. Code unless prescribed otherwise. In such case, the taxpayer must complete Form 84-125. Multistate contractors use Form 84-124. Intangible property includes patents, patent applications, trade names, trademarks, service marks and similar types of intangible assets. Limitations: The adjustment will not apply to such portion of intangible expenses, interest expenses and costs which are not with a related member; or the related member is not primarily engaged in the acquisition, use, maintenance, management, ownership, sale, exchange or other disposition of intangible property; and the transaction(s) were done for a valid business purpose. 10 Allocation of Nonbusiness Income: Non-business income (loss) shall be allocated by multistate corporations within and without this state in accordance with the provisions of Title 35, Part III, Subpart 08, Chapter 06 of the Miss. Admin. Code. Form 84-150 should be used only if the corporation has activities in another state and has income, losses, expenses, or deductions which are to be allocated ("non-business") rather than apportioned. For a definition of what constitutes "non-business" income, losses, expenses, and deductions and rules for allocating these items, See Miss. Code Ann. §27-7-23. For tax years beginning on or after January 1, 2002, every exempt organization, as described in Miss. Code Ann. § 27-727 or § 27-7-29 and not exempt from the income tax levy (federal & state agencies, etc.), is required to file an income tax return with this state if the organization: Net Operating Loss: For any taxable year ending after December 31, 2001, the period for net operating loss carrybacks and net operating loss carryovers is two periods back and twenty periods forward. This is NOT in accordance with federal carryback and carryover provisions that provide for a five-year carryback period. 1. Earns or receives unrelated business taxable income as determined under IRC Section 512 or is an ESOP with an interest in an "S" corporation, and 2. Is a resident of this state, doing business in this state, or receiving income from sources within this state. Exempt corporate organizations file Form 84-105 and any necessary supplemental schedules. These organizations are not subject to the franchise tax levy and should leave lines 1 through 4 blank. A short taxable year counts as a taxable year. A taxpayer may elect to forgo the carryback on Form 84-155. Once this election is made, it cannot be changed. In computing taxable income, enter on line 1 of Form 84-122 (line 1, page 2 of Form 81-110 for trust organizations) the amount of unrelated business taxable income before any net operating loss and specific deduction as reported on Federal Form 990-T. A complete and signed copy of Federal Form 990T must be attached to the Mississippi schedules as a part of the return. Make any necessary adjustments for income/expenses otherwise included/excluded under the income tax laws of this state such as income from sources without this state, add-back of nondeductible income taxes, etc. Form 84-155 must be completed and attached or an NOL deduction will not be allowed. Taxpayers must indicate the income year the NOL was applied (Column C of Form 84-155). PRODUCERS OF MINERAL OR NATURAL RESOURCE PRODUCTS Taxpayers engaged in the trade or business of producing oil, gas, other liquid hydrocarbons, sulfur, coal, sand, gravel and other mineral or natural resource products, except timber, should determine Mississippi net business income from such activity on a direct or separate accounting basis. Corporate organizations with unrelated business taxable income are subject to the same estimated payment requirements as other corporate taxpayers. Corporate organizations must make all required tax payments by the 15th day of the fourth month following the close of the tax year. The Mississippi gross business income from the production of mineral or natural resources shall include: (a) sales of natural or mineral resources produced in Mississippi and sold in this state; (b) the market value, at the time of transfer, of all natural or mineral resources produced in this state and transferred by the taxpayer to another state for sale, refining, processing or manufacturing, provided that if the natural or mineral resources are sold by means of an "arms-length" transaction prior to refining, processing or manufacturing, the market value prescribed herein shall not exceed the selling price; and (c) the market value at the time of transfer, of all natural or mineral resources produced by the taxpayer in Mississippi and transferred to a refinery, processing plant or manufacturing facility of the taxpayer in Mississippi. While the filing deadline is also the 15th day of the fourth month following the close of the tax year, an automatic filing extension is granted. If a taxpayer files an extension for federal tax purposes, the Mississippi filing deadline will be extended through the date of the federal extension as well. Employee Stock Ownership Plans that receive Mississippi income as a shareholder in an "S" corporation must include such income as a part of Mississippi taxable income. The source of the income is determined by the "S" corporation's activities and is reported on Form 84-132 to the ESOP shareholder. Trust organizations must make all required tax payments by the 15th day of the fourth month following the close of the tax year. Generally, if a filing extension is granted for federal tax purposes, it will be granted for state purposes as well. A copy of the federally approved extension must be attached with the return filing. A natural resource product shall be deemed to be sold in Mississippi if it is located in this state at the time title thereto passes to the purchaser. In the absence of specific proof of value of natural resources at the time of transfer from the state, the value of natural resources at the time of production should be determined in accordance with the methods prescribed for the determination of "gross income from the property" for purposes of percentage depletion for federal income tax purposes. 11 the Jobs Tax Credit is limited to 50% of the income tax liability attributable to the income derived from operations in this state for that year. Any credit claimed but not used in a taxable year may be carried forward for five (5) years. INCENTIVE CREDITS AND EXEMPTIONS Incentive credits arising at the S corporation, partnership, LLC or LLP level are passed through to the shareholders, partners/interest owners based on their percentage of ownership in the entity earning the credit. The credit is based on the percentage of payroll for new fulltime jobs.: As a general rule, the credit passed through to the shareholder, partner/interest owner can be applied only to the income tax attributable to the shareholder’s, partner/interest owner's income derived from the entity earning the credit. County Ranking Tier One (Developed) In the case of a Mississippi resident who is a partner in a multistate S corporation or partnership, credits passed through from the S corporation or partnership may be used to offset only the amount of income tax attributable to the owner’s share of pass-through entity income assigned to Mississippi. For any of these credits to be allowed, schedules must be attached showing the computations. Tier Two (Moderately Developed) Tier Three (Less Developed) Average Minimum Increase of Jobs Percentage of Payroll 20 or More 2.5% 15 or More 5% 10 or More 10% The number of jobs must be created within 1 year and is measured at the end of the fiscal year. They cannot be accumulated over several years. The credit is available for each net new full-time job created as long as the minimum number has been achieved and maintained. The credit is for full-time positions only and is based on the current year gross payroll. The credit allowed shall be adjusted in the event of payroll fluctuations during the additional five (5) years of the credit. You cannot combine part-time jobs to add up to a fulltime job. The credit is based on filled positions and the employees must be employed in this state and subject to Mississippi Withholding Tax. Form 83-450 must be completed and attached to the return. Please attach to this form, a schedule listing the new full-time jobs created (titles/pins, date created and payroll amount for the year). Form 84-401 must be filed by the S corporation or partnership to claim the credits earned before they are passed through to shareholders. If more than three income tax credits are claimed, attach a supplemental schedule, and enter the total on line 3 of Form 84-401. Non-composite members of a composite return and all members of an electing pass-through entity return should complete Form 80-401 and attach as a part of their Mississippi Individual Income Tax Return. The following is a brief description of the major credits allowed under state statutes: Premium Retaliatory Tax Credit (02) An income tax credit is available to insurance companies that paid additional retaliatory premium taxes to other states. The credit can offset 100% of income tax due. No carryover is allowed for this credit. A jobs tax credit is authorized for each full-time employee employed in a new cut and sew job by enterprises that own or operate an upholstered household furniture manufacturing facility. The repeal date on this provision is extended to January 1, 2026. Finance Company Privilege Credit (03) An income tax credit is provided to finance companies that paid privilege taxes. The credit can offset 100% of income tax due. No carryover is allowed for this credit. A jobs tax credit is authorized for each full-time employee of businesses primarily engaged in providing inland water transportation of cargo on lakes, rivers and intracoastal waterways. This credit is effective from and after January 1, 2019. Jobs Tax Credit (05) A credit is allowed for increasing employment levels in certain types of business. The business must be primarily engaged in manufacturing, processing, warehousing, distribution, wholesaling, or research and development; or designated by rule and regulation by the Mississippi Development Authority as air transportation and maintenance facilities, final destination or resort hotels having a minimum of 150 guest rooms, recreational facilities that impact tourism, movie industry studios, telecommunications enterprises, data or information processing enterprises or computer software development enterprises or any technology intensive facility or enterprises. National or Regional Headquarters Tax Credit (06) (Repealed effective July 1, 2022) An income tax credit is available for a 5-year period for each position assigned to the national or regional headquarters of a business created in or transferred to Mississippi. The credit is $500 for each new full-time employee, $1,000 for each new fulltime employee whose salary is 125% of the average annual state wage, or $2,000 for each new full-time employee whose salary is 200% of the average state wage. A minimum number of twenty (20) new headquarters jobs must be created to receive the credit. A taxpayer claiming a refund on this credit must file a separate return; it cannot be included in a combined return. The amount of the credit is based on the number of new jobs created and the county where the jobs are created. The credit is good for a period of five (5) years. This credit may be used in combination with any of the other credits. However, the total of 12 tax imposed upon the eligible owner for the taxable year reduced by the sum of all other credits allowable to the eligible owner. Research and Development Skills Credit (07) This credit provides an incentive to locate full-time positions requiring research and development skills in the state. These positions have to be engaged in a research and development activity. Qualification of jobs for this credit would require at a minimum, a bachelor’s degree in a scientific or technical field of study from an accredited 4-year college or university, employment in the employee’s area of expertise and compensation at a professional level with two (2) years of related job experience. Examples are chemist and engineers. Effective January 1, 2007, the lifetime maximum RTC that an eligible owner may utilize is $75,000.00 in the aggregate. Any unused portion of the RTC may be carried forward to succeeding years. 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 RTC. The RTC is not available to private corporations which manufacture products or provide public utility services of any type or any subsidiary of such corporations. A credit of $1,000 for each full-time position requiring research and/or development skills is available for a 5-year period. There is no minimum number of positions that must be created to qualify for this credit. The credit is for full-time positions only. Part-time jobs cannot be combined to add up to a full-time job. The credit is based on filled positions and the employees must be employed in this state and subject to Mississippi Withholding Tax. The credit for employees employed for less than 12 months will be allowed based on a pro-rated portion in the first and last years. The amount of the credit is pro-rated based on the number of months the employee is employed in this state divided by 12. Gambling License Fee Credit (11) An income tax credit provided to the licensee that paid a license fee which is based on gross revenues of the licensee. The credit can offset 100% of income tax due. No carryover is allowed for this credit. Mississippi Business Finance Corporation Revenue Bond Service Credit (13) The total of the Research and Development Skills Credit is limited to 50% of the income tax liability attributable to the income derived from operations in this state for that year. Any excess credit amount can be carried forward for up to five (5) years from the original year in which the excess credit could not be used. Only debt service paid on revenue bonds issued by the Mississippi Business Finance Corporation to finance economic development projects to induce the location of manufacturing facilities within this state can be taken as a credit. This credit can be used against the taxes due from the income generated by or arising out of the economic development project. Effective January 1, 2014, Senate Bill 2376 amends Miss. Code Ann. §5710-401 to revise the term “Economic Development Project” to include the economic development project of a related approved company that is merged into or consolidated with another approved company where the approved companies are engaged in a vertically integrated manufacturing or warehouse operation. The bill also amends Miss. Code Section Ann. §57-10-449, to extend the repeal date until October 1, 2017, the authority for the Mississippi Business Finance Corporation to issue bonds to finance economic development projects. For more information on the benefits of this program contact: Mississippi Development Authority, P.O. Box 849, Jackson, MS 39205-0849. Employer Child/Dependent Care Credit (08) The Child/Dependent Care Tax Credit is an incentive to any business providing dependent day care (both children and adult) for its employees during the employee's working hours or assisting community-provided day care. The expenses must be incurred in the operation of a program certified by the Mississippi Department of Health. The net cost of any contract executed by the employer for a third party to provide dependent care is a qualified expense. If the employer elects to provide dependent care directly, then the qualified expenses are expenses for staff, learning and recreational materials and equipment, and cost associated with the construction and maintenance of a facility. Additional eligible expenses include costs assumed by the employer which increases the quality, availability, and affordability of dependent care in the community used by employees during the employee's work hours. For facilities and equipment, the eligible expense is the amount of depreciation expense allowable in computing taxable income. These expenses are net of any reimbursement. Ad Valorem Inventory Tax Credit (14) This is an income tax credit for manufacturers, distributors and wholesale or retail merchants for a certain amount of ad valorem taxes paid on commodities, goods, wares, and merchandise held for resale. The ad valorem credit may be claimed for each location where such commodities, products, goods, wares and merchandise are found and upon which the ad valorem taxes have been paid. The tax credit for each location on which ad valorem taxes have been paid should not exceed the lesser of $15,000 or the amount of income taxes attributable to such location. Previously, the credit may be claimed only in the year in which the ad valorem taxes are paid; however, Senate Bill 2934 amended Miss. Code Ann. §27-7-22.5 increasing the income tax credit for ad valorem taxes paid on certain inventory and authorizes any unused tax credit claimed to be carried forward for five (5) consecutive years effective July 1, 2012. The Child/Dependent Care Tax Credit may be used in combination with any other credit. The credit is equal to 50% of the qualified day care expenses. It is not refundable. It can be used to offset 100% of the income tax liability. Any excess credit amount can be carried forward for up to five (5) years from the original year in which the excess credit could not be used. Reforestation Tax Credit (RTC) (10) This credit, based on the costs incurred for certain approved reforestation practices, is an amount equal to the lesser of 50% of the actual cost of approved practices or 50% of the average cost of approved practices as established by the Mississippi Forestry Commission. In any taxable year, the maximum amount of RTC shall not exceed the lesser of $10,000 or the amount of income Effective January 1, 2014, House Bill 787 amends Miss. Code Ann. §27-7-22.5 to provide an income tax credit for ad valorem 13 1, 2025 the ad valorem tax exemption for equipment used in the deployment of broadband technologies by telecommunications enterprises. taxes paid on rental equipment. Rental equipment is defined as any rental equipment or other rental items which are held for shortterm rental to the public under rental agreements that are not subject to privilege taxes. The bill also provides for the amount of credit to increase each year until the 2016 taxable year in which the amount of the credit will be limited to the lesser of the amount of ad valorem taxes paid or the amount of income taxes due for each location. Any ad valorem taxes paid by a taxpayer that is applied toward the tax credit may not be used as a deduction by the taxpayer for state income tax purposes. Manufacturing Investment Tax Credit (23) A manufacturing enterprise who falls within the definition of the term “manufacturer” in Miss. Code Ann. § 27-65-11 and has operated in the state for at least two (2) years is allowed a manufacturing investment tax credit for income tax equal to 5% of the eligible investments made by the manufacturing enterprise. "Eligible investment" means an investment of at least $1,000,000.00 in buildings and/or equipment for the manufacturing enterprise. A copy of the tax receipt from the county that shows the inventory valuation and a schedule showing the calculation of the ad valorem tax paid based on the valuation must be attached to the return. The maximum credit that may be claimed by a taxpayer on any project shall be limited to $1,000,000. The Manufacturing Investment Tax Credit should not exceed 50% of the taxpayer's state income tax liability in any one tax year net of all other credits. Any Manufacturing Investment Tax Credit claimed but not used may be carried forward for five (5) years from the close of the tax year in which the eligible investment was made. For more details on eligibility, computation of the credit, qualifying expenditures, limitations, carryovers, as well as any necessary forms or work sheets, please contact the Corporate Tax Division at (601) 923- 7700. Export Port Charges Credit (15) An income tax credit is authorized for taxpayers that utilize the port facilities at state, county, or municipal ports. The income tax credit is equal to the total export cargo charges paid by the taxpayer for: (a) receiving in the port; (b) handling to a vessel; and (c) wharfage. The credit provided should not exceed 50% of the amount of tax imposed upon the taxpayer for the taxable year reduced by the sum of all other credits. Any unused portion of the credit may be carried forward for the succeeding five (5) years. Historic Structure Rehabilitation Credit (26) An income tax credit is allowed for certain costs and expenses in rehabilitating eligible property certified as a historic structure or structure in a certified historic district. The taxpayer may elect to receive a 75% rebate on the total amount of excess historic rehabilitation credit in lieu of a ten-year carryforward. Import Port Charges Credit (17) An income tax credit is authorized for taxpayers that utilize the port facilities at state, county, or municipal ports for the import of cargo. To be eligible, a taxpayer must locate its United States headquarters in Mississippi on or after January 1, 2005, employ at least 5 permanent full-time employees who actually work at such headquarters and have a minimum capital investment of $5,000,000 in Mississippi. The income tax credit is equal to the charges paid by the taxpayer for: (a) receiving in the port; (b) handling to a vessel; and (c) wharfage. The credit provided
Extracted from PDF file 2023-mississippi-form-84-100.pdf, last modified December 2023

More about the Mississippi Form 84-100 Corporate Income Tax TY 2023

We last updated the Pass Through Entity Tax Return Instructions in February 2024, so this is the latest version of Form 84-100, fully updated for tax year 2023. You can download or print current or past-year PDFs of Form 84-100 directly from TaxFormFinder. You can print other Mississippi tax forms here.


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Other Mississippi Corporate Income Tax Forms:

TaxFormFinder has an additional 36 Mississippi income tax forms that you may need, plus all federal income tax forms.

Form Code Form Name
Form 81-110 Fiduciary Return
Form 83-122 Computation of Net Taxable Income Schedule
Form 83-105 Corporate Income and Franchise Tax Return
Form 83-180 Application for Automatic Six Month Extension for Corporate Income & Franchise Tax Return
Form 83-391 Income Tax Return for Insurance Companies

Download all MS tax forms View all 37 Mississippi Income Tax Forms


Form Sources:

Mississippi usually releases forms for the current tax year between January and April. We last updated Mississippi Form 84-100 from the Department of Revenue in February 2024.

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About the Corporate Income Tax

The IRS and most states require corporations to file an income tax return, with the exact filing requirements depending on the type of company.

Sole proprietorships or disregarded entities like LLCs are filed on Schedule C (or the state equivalent) of the owner's personal income tax return, flow-through entities like S Corporations or Partnerships are generally required to file an informational return equivilent to the IRS Form 1120S or Form 1065, and full corporations must file the equivalent of federal Form 1120 (and, unlike flow-through corporations, are often subject to a corporate tax liability).

Additional forms are available for a wide variety of specific entities and transactions including fiduciaries, nonprofits, and companies involved in other specific types of business.

Historical Past-Year Versions of Mississippi Form 84-100

We have a total of three past-year versions of Form 84-100 in the TaxFormFinder archives, including for the previous tax year. Download past year versions of this tax form as PDFs here:


2023 Form 84-100

Microsoft Word - Pass Through Entity 2015 Instructions.pdf

2022 Form 84-100

Pass Through Entity Instructions

2021 Form 84-100

Microsoft Word - Pass Through Entity 2015 Instructions.pdf


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