reglab/statecodes huggingface dataset:
Mississippi Administrative Code › Title 35 - Department of Revenue › Part 10 - Economic Development › Chapter 02 - National or Regional Headquarters Credit and National or Regional Headquarters Relocation Tax Credit › Section 35-10-02-102

Current through June 25, 2024
The amount of the credit is $500.00 for each net new full
				  time employee for the first five (5) years. The amount of the credit is
				  increased to $1,000.00 provided the employee's salary (excluding benefits not
				  subject to Mississippi income tax) is one hundred twenty-five percent (125%) of
				  the average annual wage of the state. If the employee's salary (excluding
				  benefits not subject to Mississippi income tax) is two hundred percent (200%)
				  of the average annual wage of the state, the credit is increased to $2,000.00
				  for that employee. The average annual wage is the most recently published
				  average annual wage as determined by the Mississippi Department of Employment
				  Security.
Mississippi Administrative Code › Title 35 - Department of Revenue › Part 10 - Economic Development › Chapter 02 - National or Regional Headquarters Credit and National or Regional Headquarters Relocation Tax Credit › Section 35-10-02-103

Current through June 25, 2024
A full-time employee is an employee who works at least
				  thirty-five (35) hours a week. To be used in the credit computation, the
				  employee must be located in Mississippi and subject to withholding tax.
				  Part-time jobs cannot be combined to add up to a full-time
				  job.
Mississippi Administrative Code › Title 35 - Department of Revenue › Part 10 - Economic Development › Chapter 02 - National or Regional Headquarters Credit and National or Regional Headquarters Relocation Tax Credit › Section 35-10-02-104

Current through June 25, 2024
No enterprise in the business of transporting, handling,
				  storing, processing or disposing of hazardous waste is eligible to receive
				  these credits. No regional or national sales office is eligible for these
				  credits.
Mississippi Administrative Code › Title 35 - Department of Revenue › Part 10 - Economic Development › Chapter 02 - National or Regional Headquarters Credit and National or Regional Headquarters Relocation Tax Credit › Section 35-10-02-105

Current through June 25, 2024
A
national headquarters
is that
				  office or location of a multi-state business where managerial, professional,
				  technical and administrative personnel are domiciled and employed. It is the
				  location where the centralized functions such as financial, legal, technical
				  and personnel functions are performed. The function and purpose of the national
				  headquarters is to plan, direct and control all aspects of the organization's
				  operations and it has final authority over all regional offices, operating
				  facilities or any other offices of the business enterprise. The national
				  headquarters is subordinate only to the ownership of the organization or its
				  representatives.
Mississippi Administrative Code › Title 35 - Department of Revenue › Part 10 - Economic Development › Chapter 02 - National or Regional Headquarters Credit and National or Regional Headquarters Relocation Tax Credit › Section 35-10-02-106

Current through June 25, 2024
A
regional headquarters
is one of
				  several management offices or facilities of a multi-state business that is
				  responsible for planning, directing and controlling all aspects of the business
				  operations within a sub-divided area of the United States. A regional
				  headquarters performs a function that is separate from the management of
				  operational facilities within the region. A regional headquarters performs
				  functions similar to the national headquarters, but within a more limited area.
				  It has final authority over all matters within its region and is subordinate
				  only to the national headquarters.
Mississippi Administrative Code › Title 35 - Department of Revenue › Part 10 - Economic Development › Chapter 02 - National or Regional Headquarters Credit and National or Regional Headquarters Relocation Tax Credit › Section 35-10-02-107

Current through June 25, 2024
Before the credit is granted, the taxpayer must show that the
				  headquarters will have officers and other high level employees with the support
				  staff normally associated with a headquarters. The support staff for the
				  headquarters is also included in the computation of the credit. The support
				  staff are those full time employees required to assist management and other
				  headquarters personnel to perform functions that are unique to, or required by,
				  the headquarters operation. The classification of support personnel as
				  headquarters employees is dependent on their duties being in direct
				  relationship to the functions of the office or facility and not solely on their
				  physical presence at the location. Employees who are physically present at the
				  location, but whose work is not related to the office functions of the
				  headquarters, such as salesmen, truck drivers, janitors, etc., are not
				  considered headquarters personnel and may not be counted toward the minimum
				  twenty (20) jobs to be created.
Mississippi Administrative Code › Title 35 - Department of Revenue › Part 10 - Economic Development › Chapter 02 - National or Regional Headquarters Credit and National or Regional Headquarters Relocation Tax Credit › Section 35-10-02-108

Current through June 25, 2024
Companies that transfer full time headquarters employees into
				  the state that are employed in Mississippi for less than twelve (12) months
				  will be allowed a pro-rated portion of the yearly credit 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 twelve (12).
Mississippi Administrative Code › Title 35 - Department of Revenue › Part 10 - Economic Development › Chapter 02 - National or Regional Headquarters Credit and National or Regional Headquarters Relocation Tax Credit › Section 35-10-02-109

Current through June 25, 2024
If the number of jobs falls below the twenty (20) required
				  within a year, the credit is lost for that year and cannot be recovered. If the
				  minimum number of jobs is achieved again, the credit is available for the
				  remainder of the original five (5) year period. The original period is not
				  extended.
Mississippi Administrative Code › Title 35 - Department of Revenue › Part 10 - Economic Development › Chapter 02 - National or Regional Headquarters Credit and National or Regional Headquarters Relocation Tax Credit › Section 35-10-02-110

Current through June 25, 2024
If the salaries that originally qualified for the additional
				  amount of credit fall below the required average annual state wage, the amount
				  of credit must be adjusted for that year and cannot be recovered. But, if the
				  salaries once again meet the criteria, the additional credit is available for
				  the remainder of the original five (5) year period.
Mississippi Administrative Code › Title 35 - Department of Revenue › Part 10 - Economic Development › Chapter 02 - National or Regional Headquarters Credit and National or Regional Headquarters Relocation Tax Credit › Section 35-10-02-111

Current through June 25, 2024
The total of the Jobs Tax Credit, the National or Regional
				  Headquarters Credit, the National or Regional Headquarters Relocation Credit
				  and the Research & Development Skills Credit is limited to fifty percent
				  (50%) of the Mississippi Income Tax liability. The unused portions can be
				  carried forward for up to five (5) years from the original year in which the
				  excess credit could not be used, but you may use the oldest year's unexpired
				  credit first. They may be used in combination with any of the other credits.
				  The credit is not refundable.
Mississippi Administrative Code › Title 35 - Department of Revenue › Part 10 - Economic Development › Chapter 02 - National or Regional Headquarters Credit and National or Regional Headquarters Relocation Tax Credit › Section 35-10-02-112

Current through June 25, 2024
The sale, merger, acquisition, reorganization, bankruptcy or
				  relocation from one county to another county within the state of any business
				  enterprise may not create new eligibility in the current or any succeeding
				  business entity, but any unused credit may be transferred and continued by any
				  transferee of the business enterprise. The Department of Revenue shall
				  determine whether qualifying net increases have occurred or proper transfers of
				  credit have been made and may require such information as needed for
				  substantiation and qualification.
Mississippi Administrative Code › Title 35 - Department of Revenue › Part 10 - Economic Development › Chapter 02 - National or Regional Headquarters Credit and National or Regional Headquarters Relocation Tax Credit › Section 35-10-02-113

Current through June 25, 2024
The credit cannot be used by any business enterprise or
				  corporation other than the business enterprise actually qualifying for the
				  credits. Credit received by a partnership, LLC or an S-Corporation may be
				  passed through to offset tax due from the activity that created the credit. The
				  credit is subject to the same limitations that the pass through entity would
				  have had. The tax due on salaries or wages paid by an S-Corporation and
				  guaranteed payments to partners by a partnership cannot be offset by the
				  credit.
Mississippi Administrative Code › Title 35 - Department of Revenue › Part 10 - Economic Development › Chapter 02 - National or Regional Headquarters Credit and National or Regional Headquarters Relocation Tax Credit › Section 35-10-02-114

Current through June 25, 2024
If the permanent business enterprise is located in an area
				  that has been declared by the Governor to be a disaster area and as a direct
				  result of the disaster the business enterprise is unable to use the existing
				  carryforward, the Commissioner of the Department of Revenue may extend the
				  period that the credit may be carried forward for a period of time not to
				  exceed two (2) years. The extension must be authorized in writing by the
				  Commissioner.
Mississippi Administrative Code › Title 35 - Department of Revenue › Part 10 - Economic Development › Chapter 02 - National or Regional Headquarters Credit and National or Regional Headquarters Relocation Tax Credit › Section 35-10-02-201

Current through June 25, 2024
A relocation income tax credit is available to any company
				  that transfers or relocates its national or regional headquarters to
				  Mississippi from outside Mississippi in an amount equal to the actual
				  relocation costs paid by the company. A minimum of twenty (20) jobs must be
				  created in order to qualify for the credit.
Mississippi Administrative Code › Title 35 - Department of Revenue › Part 10 - Economic Development › Chapter 02 - National or Regional Headquarters Credit and National or Regional Headquarters Relocation Tax Credit › Section 35-10-02-202

Current through June 25, 2024
Relocation costs for which the relocation income tax credit
				  may be taken includes nondepreciable expenses that are necessary to relocate
				  headquarters employees to the national or regional headquarters. These
				  qualified relocation expenses include travel expenses for employees and members
				  of their households to and from Mississippi in search of homes and moving
				  expenses to relocate furnishings, household goods and personal property of the
				  employees and members of their households and other similar nondepreciable
				  relocation expenses.
Mississippi Administrative Code › Title 35 - Department of Revenue › Part 10 - Economic Development › Chapter 02 - National or Regional Headquarters Credit and National or Regional Headquarters Relocation Tax Credit › Section 35-10-02-203

Current through June 25, 2024
The relocation credit is applied to the tax year in which the
				  relocation costs are paid. The maximum cumulative amount of tax credits that
				  may be claimed by all taxpayers claiming a relocation tax credit in any one (1)
				  fiscal year cannot exceed One Million Dollars ($ 1,000,000.00), exclusive of
				  credits that might be carried forward from previous years. A company may not
				  receive a credit for the relocation of an employee more than one (1) time in a
				  twelve-month period for that employee.
Mississippi Administrative Code › Title 35 - Department of Revenue › Part 10 - Economic Development › Chapter 02 - National or Regional Headquarters Credit and National or Regional Headquarters Relocation Tax Credit › Section 35-10-02-204

Current through June 25, 2024
This credit may be used in combination with any of the other
				  credits. The total of the Jobs Tax Credit, the National or Regional
				  Headquarters Tax Credit, the National or Regional Headquarters Relocation Tax
				  Credit and the Research and Development Skills Tax Credit is limited to fifty
				  percent (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. The credit is not
				  refundable.
Mississippi Administrative Code › Title 35 - Department of Revenue › Part 10 - Economic Development › Chapter 02 - National or Regional Headquarters Credit and National or Regional Headquarters Relocation Tax Credit › Section 35-10-02-205

Current through June 25, 2024
If the permanent business enterprise is located in an area
				  that has been declared by the Governor to be a disaster area and as a direct
				  result of the disaster the business enterprise is unable to use the existing
				  carryforward, the Commissioner of the Department of Revenue may extend the
				  period that the credit may be carried forward for a period of time not to
				  exceed two (2) years. The extension must be authorized in writing by the
				  Commissioner.
Mississippi Administrative Code › Title 35 - Department of Revenue › Part 10 - Economic Development › Chapter 02 - National or Regional Headquarters Credit and National or Regional Headquarters Relocation Tax Credit › Section 35-10-02-301

Current through June 25, 2024
To apply for the credits, an Application for Certification of
				  Economic Incentives and a letter requesting the credit must be submitted. The
				  letter must contain sufficient information to allow a determination of whether
				  the location qualifies as a national or regional headquarters. A list of
				  eligible relocation expenses must be provided when applying for the National or
				  Regional Headquarters Relocation Tax Credit. A letter will be issued informing
				  the taxpayer if the applicable credit is granted.
Mississippi Administrative Code › Title 35 - Department of Revenue › Part 10 - Economic Development › Chapter 02 - National or Regional Headquarters Credit and National or Regional Headquarters Relocation Tax Credit › Section 35-10-02-302

Current through June 25, 2024
Compliance with the equal pay provisions of the federal Equal
				  Pay Act of 1963, the Americans with Disabilities Act of 1990 and the fair pay
				  provisions of the Civil Rights Act of 1964 is required in order to qualify for
				  these credits.
Mississippi Administrative Code › Title 35 - Department of Revenue › Part 10 - Economic Development › Chapter 03 - Research and Development Skills Credit › Section 35-10-03-100

Current through June 25, 2024
Under Miss. Code Ann. Section
				  57-73-21(6),
				  a credit of $1,000.00 is available for the first five (5) years for each net
				  new full-time employee in any job requiring research and development skills.
				  The employee must be engaged in research and development activities.
				  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 four (4)
				  year college or university, employment in the employees' area of expertise,
				  compensation at a professional level and two (2) years of related job
				  experience. Examples are chemists and engineers.
Mississippi Administrative Code › Title 35 - Department of Revenue › Part 10 - Economic Development › Chapter 03 - Research and Development Skills Credit › Section 35-10-03-101

Current through June 25, 2024
This credit is available to most companies regardless of the
				  business in which it engages. However, no business enterprise for the
				  transportation, handling, storage, processing or disposal of hazardous waste is
				  eligible to receive this credit.
Mississippi Administrative Code › Title 35 - Department of Revenue › Part 10 - Economic Development › Chapter 03 - Research and Development Skills Credit › Section 35-10-03-102

Current through June 25, 2024
A full time employee is an employee who works at least
				  thirty-five (35) hours a week. The employees must be located in Mississippi and
				  subject to Mississippi withholding tax. Part-time positions cannot be combined
				  to add up to a full-time position.
Mississippi Administrative Code › Title 35 - Department of Revenue › Part 10 - Economic Development › Chapter 03 - Research and Development Skills Credit › Section 35-10-03-103

Current through June 25, 2024
If the employee is employed in Mississippi for less than
				  twelve (12) months, credit will be allowed for a pro-rated portion of the
				  yearly credit 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 twelve (12).
Mississippi Administrative Code › Title 35 - Department of Revenue › Part 10 - Economic Development › Chapter 03 - Research and Development Skills Credit › Section 35-10-03-104

Current through June 25, 2024
The total of the Jobs Tax Credit, the National or Regional
				  Headquarters Credit, the National or Regional Headquarters Relocation Credit
				  and the Research & Development Skills Credit is limited to 50% of the
				  Mississippi Income Tax liability. The unused portions can be carried forward
				  for up to (5) years from the original year in which the excess credit could not
				  be used. This credit may be used in combination with any of the other credits
				  and is not refundable.
Mississippi Administrative Code › Title 35 - Department of Revenue › Part 10 - Economic Development › Chapter 03 - Research and Development Skills Credit › Section 35-10-03-105

Current through June 25, 2024
The sale, merger, acquisition, reorganization, bankruptcy or
				  relocation from one county to another county within the state of any business
				  enterprise may not create new eligibility in the current or any succeeding
				  business entity, but any unused credit may be transferred and continued by any
				  transferee of the business enterprise. A letter detailing the facts surrounding
				  such an occurrence and requesting a ruling on the eligibility of any credits
				  must be presented to the Department to determine whether qualifying net
				  increases have occurred or proper transfers of credit have been
				  made.
Mississippi Administrative Code › Title 35 - Department of Revenue › Part 10 - Economic Development › Chapter 03 - Research and Development Skills Credit › Section 35-10-03-106

Current through June 25, 2024
The credit cannot be used by any business enterprise or
				  corporation other than the business enterprise actually creating the jobs
				  qualifying for the credits. Credit received by a partnership, LLC or an
				  S-Corporation may be passed through to offset tax due from the activity that
				  created the credit. The credit is subject to the same limitations that the pass
				  through entity would have had. The tax due on salaries or wages paid by an
				  S-Corporation and guaranteed payments to partners by a partnership cannot be
				  offset by the credit.
Mississippi Administrative Code › Title 35 - Department of Revenue › Part 10 - Economic Development › Chapter 03 - Research and Development Skills Credit › Section 35-10-03-107

Current through June 25, 2024
Compliance with the equal pay provisions of the federal Equal
				  Pay Act of 1963, the Americans with Disabilities Act of 1990 and the fair pay
				  provisions of the Civil Rights Act of 1964 is required.
Mississippi Administrative Code › Title 35 - Department of Revenue › Part 10 - Economic Development › Chapter 03 - Research and Development Skills Credit › Section 35-10-03-108

Current through June 25, 2024
An application is not required in order to take this credit
				  but may be submitted for review. The taxpayer may apply for certification of
				  the credit by submitting the Application for Certification of Economic
				  Development along with a letter requesting the credit. The letter should
				  contain sufficient information to allow a determination of whether the employee
				  qualifies for the credit
Mississippi Administrative Code › Title 35 - Department of Revenue › Part 10 - Economic Development › Chapter 04 - Basic Skill Training or Retraining Tax Credit › Section 35-10-04-100 - An income tax credit is allowed to employers that are

Current through June 25, 2024
1. Permanent business enterprises primarily
				engaged in manufacturing, processing, distribution, wholesaling, research and
				development and warehousing.
2.
				Permanent business enterprises designated by rule or regulation of the
				Mississippi Development Authority as air transportation and maintenance
				facilities, final destination or resort hotels having a minimum of (one hundred
				fifty) 150 guest rooms, recreational facilities that impact tourism, movie
				industry studios, telecommunication enterprises, data or information processing
				enterprises, computer software development enterprises or any technology
				intensive facility or enterprise.
3. Employers that have qualified for the
				national or regional headquarters credit.
Mississippi Administrative Code › Title 35 - Department of Revenue › Part 10 - Economic Development › Chapter 04 - Basic Skill Training or Retraining Tax Credit › Section 35-10-04-101

Current through June 25, 2024
The credit allowed is fifty percent (50%) of qualified
				  expenses, not to exceed fifty percent (50%) of the income tax liability. Any
				  excess credit will not be refunded, but may be carried forward for up to five
				  (5) years. The program must be certified for a specific number of years not to
				  exceed five (5) years. The credit may offset up to fifty percent (50%) of the
				  income tax due. It may be used in combination with any of the other credits.
				  The training or retraining credit cannot exceed $2,500 in the aggregate per
				  employee for a three (3) year period.
Mississippi Administrative Code › Title 35 - Department of Revenue › Part 10 - Economic Development › Chapter 04 - Basic Skill Training or Retraining Tax Credit › Section 35-10-04-102

Current through June 25, 2024
To qualify for the credit, the basic skills training or
				  retraining must be offered through, or be approved by, the community or junior
				  college in the district where the business is located. Employers must be
				  certified as eligible for the tax credit by the local community or junior
				  college that serves the employer and the Mississippi Department of Revenue. The
				  training does not have to be on the community or junior college campus to
				  qualify if it is sponsored and approved by the college. A copy of the
				  certification must be furnished to the Department of Revenue by the taxpayer
				  when the certification is granted. When a return is filed on which the credit
				  is taken, a schedule showing the expenses and computation of the credit and a
				  copy of the certification must be attached to the return.
Mississippi Administrative Code › Title 35 - Department of Revenue › Part 10 - Economic Development › Chapter 04 - Basic Skill Training or Retraining Tax Credit › Section 35-10-04-103

Current through June 25, 2024
The credit may be available for basic skills training that
				  enhances reading, writing or math skills up to the twelfth
				  (12th) grade level for employees who are unable to
				  function effectively on the job due to deficiencies in these areas or who would
				  be displaced because such deficiencies will inhibit their training for new
				  technology. The credit may also be available for retraining programs for hourly
				  employees who have been employed for a minimum of one (1) year by the employer
				  that, upon successful completion, increase the employee's opportunity for
				  consideration for promotion or retention with the employer. For either type of
				  training to qualify for the credit, it must be job-related and increase
				  opportunities for employee advancement or retention.
Mississippi Administrative Code › Title 35 - Department of Revenue › Part 10 - Economic Development › Chapter 04 - Basic Skill Training or Retraining Tax Credit › Section 35-10-04-104

Current through June 25, 2024
Employers may contact the Mississippi Community College
				  Board Office of Workforce Education for a list of Community Colleges and the
				  cities where the main campuses are located at:
Office of Workforce Education
Mississippi Community College Board
3825 Ridgewood Road
Jackson, MS 39211
(P) 601-432-6519
(F) 601-432-6365
Mississippi Administrative Code › Title 35 - Department of Revenue › Part 10 - Economic Development › Chapter 04 - Basic Skill Training or Retraining Tax Credit › Section 35-10-04-105

Current through June 25, 2024
The credit is applied to qualified training or retraining
				  expenses, which are expenses related to instructors, instructional materials
				  and equipment and the construction and maintenance of facilities by the
				  employer that are designated for training or retraining provided through such
				  community or junior college or training approved by such community or junior
				  college. The qualified expenses are net of any reimbursement.
Mississippi Administrative Code › Title 35 - Department of Revenue › Part 10 - Economic Development › Chapter 04 - Basic Skill Training or Retraining Tax Credit › Section 35-10-04-106

Current through June 25, 2024
Tuition reimbursement programs will qualify as long as they
				  are related to the employee's job and there is an agreement between the
				  employer and employee that the employee must work for the employer for a
				  reasonable period of time after the tuition reimbursement program has been
				  completed so that the training may be utilized. The expenses that qualify are
				  net of any reimbursement or paybacks to the employer. If an employee begins a
				  program and is terminated for cause by the employer, the employer does not have
				  to recapture the amount previously taken as a credit, unless the employee has
				  to repay the employer. If so, the employer has to recapture those
				  amounts.
Mississippi Administrative Code › Title 35 - Department of Revenue › Part 10 - Economic Development › Chapter 04 - Basic Skill Training or Retraining Tax Credit › Section 35-10-04-107

Current through June 25, 2024
The credit cannot be used by any business enterprise or
				  corporation other than the business enterprise actually qualifying for the
				  credit. Credit received by a partnership, LLC or S-Corporation may be passed
				  through to offset tax due from the activity that created the credit. The credit
				  is subject to the same limitations that the pass-through entity would have had.
				  The tax due on salaries or wages paid by an S-Corporation and guaranteed
				  payments to partners by a partnership cannot be offset by the
				  credit.
Mississippi Administrative Code › Title 35 - Department of Revenue › Part 10 - Economic Development › Chapter 04 - Basic Skill Training or Retraining Tax Credit › Section 35-10-04-108

Current through June 25, 2024
The credit is not refundable. An expense cannot be used both
				  as a credit and a deduction. If a credit is based on an expense, then the
				  amount of the credit taken must be added back to Mississippi taxable income in
				  the year the credit is used.
Mississippi Administrative Code › Title 35 - Department of Revenue › Part 10 - Economic Development › Chapter 05 - Rural Economic Development (Red) Credit › Section 35-10-05-100

Current through June 25, 2024
An income tax credit is available for debt service on
				  certain bonds issued by the Mississippi Business Finance Corporation. Debt
				  service may include the total amount paid to service the debt. This credit is
				  also known as the Mississippi Business Finance Corporation Revenue Bond Service
				  Credit.
Mississippi Administrative Code › Title 35 - Department of Revenue › Part 10 - Economic Development › Chapter 05 - Rural Economic Development (Red) Credit › Section 35-10-05-101

Current through June 25, 2024
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. The
				  bonds that qualify for this credit are the bonds issued under the authority of
				  Sections
				  57-10-401
				  through
				  57-10-439
				  of the Mississippi Code of 1972.
Mississippi Administrative Code › Title 35 - Department of Revenue › Part 10 - Economic Development › Chapter 05 - Rural Economic Development (Red) Credit › Section 35-10-05-103

Current through June 25, 2024
This credit has been amended several times and the credit
				  carry forward periods will vary. Currently, excess credits may be carried
				  forward to the three (3) succeeding years following the year in which the
				  credit was earned. The credit is limited to eighty percent (80%) of the income
				  tax due on income generated by the economic development project that gave rise
				  to the credit. This income is determined by a formula adopted by the
				  Mississippi Business Finance Corporation. It may be used in combination with
				  any of the other credits.
Mississippi Administrative Code › Title 35 - Department of Revenue › Part 10 - Economic Development › Chapter 05 - Rural Economic Development (Red) Credit › Section 35-10-05-104

Current through June 25, 2024
The credit cannot be used by any business enterprise or
				  corporation other than the business enterprise actually qualifying for the
				  credits. Credit received by a partnership, LLC or an S-Corporation may be
				  passed through to offset tax due from the activity that created the credit. The
				  credit is subject to the same limitations that the pass through entity would
				  have had. The tax due on salaries or wages paid by an S-Corporation and
				  guaranteed payments to partners by a partnership cannot be offset by the
				  credit.
Mississippi Administrative Code › Title 35 - Department of Revenue › Part 10 - Economic Development › Chapter 05 - Rural Economic Development (Red) Credit › Section 35-10-05-105

Current through June 25, 2024
The credit is not refundable. An expense cannot be used both
				  as a credit and a deduction. If a credit is based on an expense, then the
				  amount of the credit taken must be added back to Mississippi taxable income in
				  the year the credit is used.
Mississippi Administrative Code › Title 35 - Department of Revenue › Part 10 - Economic Development › Chapter 05 - Rural Economic Development (Red) Credit › Section 35-10-05-106

Current through June 25, 2024
To apply for this credit: You do not have to apply for this
				  credit, but you must attach a schedule of computation of the current year's
				  credit and expenses that created the credit. You must also attach a schedule of
				  credits used in prior years with any carry forward amounts showing the amounts
				  used and carried forward by year.
Mississippi Administrative Code › Title 35 - Department of Revenue › Part 10 - Economic Development › Chapter 06 - Ad Valorem Credit › Section 35-10-06-100

Current through June 25, 2024
An income tax credit is available for ad valorem tax paid on
				  commodities, goods, wares and merchandise held for resale by manufacturers,
				  distributors, and wholesale or retail merchants. The credit is limited to the
				  lesser of $5,000.00 per location or the income tax attributable to the
				  location. For the credit to be taken, the ad valorem tax must be determined by
				  specific location. Within these limitations, this credit may offset up to one
				  hundred percent (100%) of the income tax due. It may be used in combination
				  with any of the other credits.
Mississippi Administrative Code › Title 35 - Department of Revenue › Part 10 - Economic Development › Chapter 06 - Ad Valorem Credit › Section 35-10-06-102

Current through June 25, 2024
A copy of the tax receipt from the county, city or school
				  district that shows the inventory valuation and a schedule showing the
				  calculation by location of the ad valorem tax paid based on the valuation must
				  be attached to the return.
Mississippi Administrative Code › Title 35 - Department of Revenue › Part 10 - Economic Development › Chapter 06 - Ad Valorem Credit › Section 35-10-06-103

Current through June 25, 2024
The credit cannot be used by any business enterprise or
				  corporation other than the business enterprise actually qualifying for the
				  credits. Credit received by a partnership, LLC or an S-Corporation may be
				  passed through to offset tax due from the activity that created the credit. The
				  credit is subject to the same limitations that the pass through entity would
				  have had. The tax due on salaries or wages paid by an S-Corporation and
				  guaranteed payments to partners by a partnership cannot be offset by the
				  credit.
Mississippi Administrative Code › Title 35 - Department of Revenue › Part 10 - Economic Development › Chapter 06 - Ad Valorem Credit › Section 35-10-06-104

Current through June 25, 2024
The credit is not refundable. An expense cannot be used both
				  as a credit and a deduction. If a credit is based on an expense, then the
				  amount of the credit taken must be added back to Mississippi taxable income in
				  the year the credit is used.
Mississippi Administrative Code › Title 35 - Department of Revenue › Part 10 - Economic Development › Chapter 06 - Ad Valorem Credit › Section 35-10-06-105

Current through June 25, 2024
To apply for this credit: You do not have to apply for this
				  credit ahead of time, but you must attach a copy of the tax receipt to your
				  return to claim this credit. If you have more than five (5) locations, you
				  should attach five (5) receipts and a schedule of all receipts including the
				  ones attached.
Mississippi Administrative Code › Title 35 - Department of Revenue › Part 10 - Economic Development › Chapter 07 - Child/Dependent Care Credit › Section 35-10-07-100

Current through June 25, 2024
An income tax credit is allowed to any employer providing
				  dependent care for its employees during the employee's working hours. The
				  credit allowed is 25% of qualified expenses. Starting January 1, 1998 the
				  credit allowed is 50% of qualified expenses. This credit can offset up to 100%
				  of the income tax due from the entity. Any excess credit will not be refunded,
				  but can be carried forward for up to five (5) years.
Mississippi Administrative Code › Title 35 - Department of Revenue › Part 10 - Economic Development › Chapter 07 - Child/Dependent Care Credit › Section 35-10-07-101

Current through June 25, 2024
An employer must have its child care program certified by
				  the Department of Health for programs serving children twelve (12) years of age
				  or younger and for programs serving elderly adults. The State Tax Commission
				  certifies programs serving dependents older than twelve (12) years of age. To
				  request certification from the Tax Commission, the employer should submit a
				  letter explaining the employer's child care program and specifically requesting
				  certification for child care credit. A copy of the certification from the
				  Department of Health must be furnished by the taxpayer to the Tax Commission
				  when the certification is granted. Information concerning the Department of
				  Health's certification may be obtained at the following office: Mississippi
				  State Department of Health, Division of Child Care and Special Licensure, Post
				  Office Box 1700, Jackson, MS 39215-1700.
Mississippi Administrative Code › Title 35 - Department of Revenue › Part 10 - Economic Development › Chapter 07 - Child/Dependent Care Credit › Section 35-10-07-102

Current through June 25, 2024
To qualify, the facility must have an average daily
				  enrollment for the taxable year of no less than six (6) children who are twelve
				  (12) years of age or younger and be licensed according to the regulations
				  governing licensure of child care facilities in Mississippi; or must serve five
				  (5) or fewer children and/or elderly adults in a family child care/elder care
				  home approved by the Department of Health for participation in the United
				  States Department of Agriculture child and adult nutrition program; or must
				  serve children over twelve (12) years of age but less than eighteen (18) years
				  of age in either a community-based facility or a facility at the employment
				  site; or must serve adult relatives of employees in either a community based
				  elder-care facility or a facility at the employment site; or must serve
				  children or adult dependents having physical, emotional or mental disabilities
				  in either a community-based facility or a facility at the employment
				  site.
Mississippi Administrative Code › Title 35 - Department of Revenue › Part 10 - Economic Development › Chapter 07 - Child/Dependent Care Credit › Section 35-10-07-103

Current through June 25, 2024
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 cost are net of any
				  reimbursement.
Mississippi Administrative Code › Title 35 - Department of Revenue › Part 10 - Economic Development › Chapter 07 - Child/Dependent Care Credit › Section 35-10-07-104

Current through June 25, 2024
Any unused credit may be carried over for 5 years. An
				  expense cannot be used both as a deduction and as the basis for a credit.
Any expense used in computing the allowable credit cannot be taken as a
				  deduction.
The expense must be added back to Mississippi taxable
				  income.
Mississippi Administrative Code › Title 35 - Department of Revenue › Part 10 - Economic Development › Chapter 07 - Child/Dependent Care Credit › Section 35-10-07-105

Current through June 25, 2024
The credit cannot be used by any business enterprise or
				  corporation other than the business enterprise actually qualifying for the
				  credits. Credit received by a partnership, LLC or an S-Corporation may be
				  passed through to offset tax due from the activity that created the credit. The
				  credit is subject to the same limitations that the pass through entity would
				  have had. The tax due on salaries or wages paid by an S-Corporation and
				  guaranteed payments to partners by a partnership cannot be offset by the
				  credit.
Mississippi Administrative Code › Title 35 - Department of Revenue › Part 10 - Economic Development › Chapter 07 - Child/Dependent Care Credit › Section 35-10-07-107

Current through June 25, 2024
To apply for this credit: You must have had your program
				  previously certified and have furnished a copy of the certification to the Tax
				  Commission. You must attach a schedule showing the computation to the
				  return.
Mississippi Administrative Code › Title 35 - Department of Revenue › Part 10 - Economic Development › Chapter 08 - Export Port Charges Credit › Section 35-10-08-100

Current through June 25, 2024
An income tax credit is available to taxpayers that utilize
				  port facilities at Mississippi state, county and municipal ports or harbors as
				  established pursuant to Miss. Code Ann. Sections
				  59-5-1
				  through
				  59-5-69,
				  Sections
				  59-7-1
				  through
				  59-7-519,
				  Sections
				  59-9-1
				  through
				  59-9-85
				  or Sections
				  59-11-1
				  through
				  59-11-7.
Mississippi Administrative Code › Title 35 - Department of Revenue › Part 10 - Economic Development › Chapter 08 - Export Port Charges Credit › Section 35-10-08-101

Current through June 25, 2024
The amount of credit allowed shall be the total of export
				  cargo charges paid on receiving into the port, handling to a vessel and
				  wharfage. This credit shall not exceed fifty percent (50%) of the income tax
				  reduced by the sum of all other credits, except credits for tax payments. Any
				  excess credit will not be refunded, but can be carried forward for up to five
				  (5) years.
Mississippi Administrative Code › Title 35 - Department of Revenue › Part 10 - Economic Development › Chapter 08 - Export Port Charges Credit › Section 35-10-08-102

Current through June 25, 2024
The credit cannot be used by any business enterprise or
				  corporation other than the business enterprise that incurred the expenses.
				  Credit received by a partnership, LLC or an S Corporation may be passed through
				  to offset tax due from the activity that created the credit. The credit is
				  subject to the same limitations that the pass through entity would have had.
				  The tax due on salaries or wages paid by an S Corporation and guaranteed
				  payments to partners by a partnership cannot be offset by the credit.
Mississippi Administrative Code › Title 35 - Department of Revenue › Part 10 - Economic Development › Chapter 08 - Export Port Charges Credit › Section 35-10-08-103

Current through June 25, 2024
The credit is not refundable. An expense cannot be used both
				  as a credit and a deduction. If a credit is based on an expense, then the
				  amount of the credit taken must be added back to Mississippi taxable income in
				  the year the credit is used.
Mississippi Administrative Code › Title 35 - Department of Revenue › Part 10 - Economic Development › Chapter 08 - Export Port Charges Credit › Section 35-10-08-104

Current through June 25, 2024
To obtain the credit, the taxpayer must provide to the
				  Mississippi Department of Revenue, a statement from the governing authority of
				  the port certifying the amount of charges paid by the taxpayer for which credit
				  is claimed.
Mississippi Administrative Code › Title 35 - Department of Revenue › Part 10 - Economic Development › Chapter 09 - Motion Picture Production Tax Incentive › Section 35-10-09-101

Current through June 25, 2024
A motion picture production company (MPPC) is one that
				  produces a nationally distributed motion picture, video, DVD, television
				  program or series, commercial, or computer or video game. This includes a
				  company engaged in the business of making such productions using animation,
				  interactive media, preproduction and postproduction 3D applications, video game
				  cinematics, virtual production, visual effects, and motion capture within the
				  fields of feature film, television, commercials and games. The production of
				  news or athletic events do not qualify, nor does any project that contains any
				  material or performance deemed obscene as defined in Miss. Code Ann. Section
				  97-29-103.
				  The company cannot have defaulted on any state loan or have declared bankruptcy
				  where a state obligation had been discharged because of the
				  bankruptcy.
Mississippi Administrative Code › Title 35 - Department of Revenue › Part 10 - Economic Development › Chapter 09 - Motion Picture Production Tax Incentive › Section 35-10-09-102

Current through June 25, 2024
A Mississippi vendor is a business that either owns an office
				  building in Mississippi or has signed a lease for office space in Mississippi
				  for at least a year, has at least one employee stationed full time at the
				  Mississippi office, is registered with the Secretary of State, is known in the
				  trade as a vendor active in the relevant line of business and advertises as a
				  Mississippi vendor.
Mississippi Administrative Code › Title 35 - Department of Revenue › Part 10 - Economic Development › Chapter 09 - Motion Picture Production Tax Incentive › Section 35-10-09-103

Current through June 25, 2024
An employee is defined as an individual directly involved in
				  the physical production and/or post-production of a motion picture produced in
				  this state and who is employed by a MPPC, personal service corporation or loan
				  out company.
Mississippi Administrative Code › Title 35 - Department of Revenue › Part 10 - Economic Development › Chapter 09 - Motion Picture Production Tax Incentive › Section 35-10-09-105

Current through June 25, 2024
Fringes means costs paid by a MPPC for Mississippi resident
				  employee benefits that are not subject to state income tax. Fringes may
				  include, but are not limited to, payments by an employer for unemployment
				  insurance, Federal Insurance Contribution Act (FICA), workers' compensation
				  insurance, pension and welfare benefits and health insurance
				  premiums.
Mississippi Administrative Code › Title 35 - Department of Revenue › Part 10 - Economic Development › Chapter 09 - Motion Picture Production Tax Incentive › Section 35-10-09-106

Current through June 25, 2024
A Mississippi resident is defined as a person domiciled in
				  Mississippi or who has maintained a permanent home in this state and spends in
				  the aggregate more than six (6) months each year within the state. Proof of
				  domicile or maintenance of a permanent home includes valid Mississippi driver's
				  license, Mississippi voter registration, valid Mississippi car tag, or
				  homestead exemption.
Mississippi Administrative Code › Title 35 - Department of Revenue › Part 10 - Economic Development › Chapter 09 - Motion Picture Production Tax Incentive › Section 35-10-09-201

Current through June 25, 2024
The Motion Picture Production Tax rebate is based on the
				  amount of the base investment made in Mississippi and Mississippi resident
				  payroll and fringes as defined in Miss. Code Ann. Section
				  57-89-3.
				  The rebate is available for a MPPC that expends at least $50,000 in base
				  investment, payroll and/or fringes, in this state on a production certified by
				  the Mississippi Development Authority. The amount of the rebate is twenty-five
				  percent (25%) of the base investment made and expended in this state. Payroll
				  and fringes for a Mississippi resident is eligible for a thirty percent (30%)
				  rebate. An additional five percent (5%) rebate is available for payroll of
				  honorably discharged veterans. Purchases made before the MDA approval date are
				  not included in the rebate. Only eligible expenses purchased by the MPPC
				  associated with the MDA certified project will be allowed for the
				  rebate.