Mississippi Income Tax Credit Summary - Short Version
Extracted from PDF file 2020-mississippi-form-83-401.pdf, last modified July 2020
Income Tax Credit Summary - Short VersionReset Form Form 83-401-20-8-1-000 (Rev. 10/20) Print Form Mississippi Tax Credit Summary Schedule 2020 834012081000 FEIN (*Carryover Not Available) CODE CREDIT TAX CREDIT CODES CODE CREDIT 02 03 Premium Retaliatory 23 Finance Company Privilege 24 Manufacturing Investment Tax Credit Alternative Energy Jobs 05 Jobs Tax 25 Child Adoption 06 National or Regional Headquarters 26 Historic Structure Rehabilitation (Attach Statement) 07 08 Research and Development Skills Employer Child / Dependent Care 27 Long Term Care 09 Basic Skills Training or Retraining (Repealed July 1, 2016) 28 10 29 11 Reforestation Gambling License Fee 30 New Markets Biomass Energy Investment Wildlife Land Use 12 Financial Institution Jobs 31 Prekindergarten Credit 13 Mississippi Revenue Bond Service 14 Ad Valorem Inventory 15 Export Port Charges 32 33 34 Headquarters Relocation Credit Veterans Employee Credit Charitable Contribution Credit 16 17 35 36 Foster Care Charitable Credit Business Contributions to Eligible Charitable Organizations 18 19 21 Insurance Guaranty Import Credit Land Donation Broadband Technology Brownfield Credit 37 Endowment Fund Charitable Credit 38 Inland Water Transportation 50 Bank Share 22 Airport Cargo Charges Check if requesting refund in lieu of 10-year carryforward PART I: FRANCHISE TAX CREDITS (CODES 16, 19 AND 50) A B C D CODE CREDIT EARNED THIS YEAR CREDIT RECEIVED FROM PASSTHROUGH ENTITY *CREDIT CARRYOVER FROM PRIOR YEAR E F G CREDIT USED THIS YEAR CREDIT EXPIRED THIS YEAR 1 Total franchise tax credit used this year (total column E; enter on Form 83-105, page 1, line 3) 1 2 Total franchise tax credit available for next year (total amounts in column G) 2 CREDIT CARRYOVER AVAILABLE FOR NEXT YEAR (B+C+D-E-F) PART II: INCOME TAX CREDITS A CODE B CREDIT EARNED THIS YEAR C CREDIT RECEIVED FROM PASSTHROUGH ENTITY D *CREDIT CARRYOVER FROM PRIOR YEAR E CREDIT USED THIS YEAR F CREDIT EXPIRED THIS YEAR 3 Total income tax credit used this year (total column E; enter on Form 83-105, page 1, line 7 or Form 83-391, page 1, line 4 or Form 83-310, column B, line 5; if more than three income tax credits taken, see instructions, Form 83-100) 3 4 Total income tax credit available for next year (total amounts in column G) 4 5 If code 36 is selected, enter the name of charitable organization here (attach statement if needed) G CREDIT CARRYOVER AVAILABLE FOR NEXT YEAR (B+C+D-E-F)
More about the Mississippi Form 83-401 Corporate Income Tax Tax Credit TY 2020
We last updated the Income Tax Credit Summary - Short Version in March 2021, so this is the latest version of Form 83-401, fully updated for tax year 2020. You can download or print current or past-year PDFs of Form 83-401 directly from TaxFormFinder. You can print other Mississippi tax forms here.
Other Mississippi Corporate Income Tax Forms:
|Form Code||Form Name|
|Form 83-180||Application for Automatic Six Month Extension for Corporate Income & Franchise Tax Return|
|Form 84-105||Pass Through Entity Tax Return|
|Form 83-122||Computation of Net Taxable Income Schedule|
|Form 81-110||Fiduciary Return|
|Form 83-105||Corporate Income and Franchise Tax Return|
Mississippi usually releases forms for the current tax year between January and April. We last updated Mississippi Form 83-401 from the Department of Revenue in March 2021.
Form 83-401 is a Mississippi Corporate Income Tax form. States often have dozens of even hundreds of various tax credits, which, unlike deductions, provide a dollar-for-dollar reduction of tax liability. Some common tax credits apply to many taxpayers, while others only apply to extremely specific situations. In most cases, you will have to provide evidence to show that you are eligible for the tax credit, and calculate the amount of the credit to which you are entitled.
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 83-401
We have a total of nine past-year versions of Form 83-401 in the TaxFormFinder archives, including for the previous tax year. Download past year versions of this tax form as PDFs here:
While we do our best to keep our list of Mississippi Income Tax Forms up to date and complete, we cannot be held liable for errors or omissions. Is the form on this page out-of-date or not working? Please let us know and we will fix it ASAP.