Listed below are credits that are available on your Mississippi return:
Reforestation Tax Credit
This credit is an amount equal to the lesser of 50% of the actual costs of approved practices or 50% of the average cost of approved practices. The credit shall not exceed $10,000 or the amount of tax imposed upon the eligible owner for the taxable year reduced by the sum of all other credits allowable to the eligible owner (except for withholding credits, estimated tax payments, and/or credit for tax paid to another state).
The maximum reforestation tax credit that an eligible owner may utilize during his lifetime is $75,000 in the aggregate. Any unused portion of the credit may be carried forward to succeeding years.
Please see the instructions for the Reforestation Tax Credit for more information.
Child Adoption Credit
A credit is available up to $5,000 for qualified adoption expenses incurred or paid during the tax year for each child that is legally adopted by a taxpayer. You can claim this credit in the year the adoption was final and carry forward any unused credit for 3 years.
For Tax Year 2023: A credit is available up to $5,000 for dependent child residing outside of Mississippi before adoption and up to $10,000 for dependent child residing in Mississippi before adoption for qualified adoption expenses incurred or paid during the tax year for each child that is legally adopted by a taxpayer. You can claim this credit in the year the adoption was final and carry forward any unused credit for 5 years.
- Premium Retaliatory Tax credit
- Finance Company Privilege Tax Paid
- Jobs Tax Credit
- National or Regional Headquarters Credit
- Research and Development Skills Credit
- Child Dependent Care Credit
- Credit for Gambling License Fee Based on Gross Revenue
- Financial Institution Jobs Credit
- MS Business Finance Corp Revenue Bond Service
- Ad Valorem Inventory Tax Credit
- Export Port Charges Credit
- Guaranty Credit
- Import Credit
- Land Donation Credit
- Broadband Technology Credit
- Brownfield Credit
- Airport Cargo Charges Credit
- Manufacturers Investment Tax Credit
- Producer of Alternative Energy Job Credit
- Child Adoption Credit
- Historic Structure Rehabilitation Credit
- Long Term Care Credit
- New Markets Tax Credit
- Biomass Energy Investment Tax Credit
- Wildlife Land Use Credit
- Prekindergarten Credit
- Headquarters Relocation Credit
- Charitable Contribution Credit
- Foster Care Charitable Credit
- Business Contributions to Eligible Charitable Organizations
- Endowment Fund Charitable Credit
- Pregnancy Resource Charitable Contribution Credit
- Railroad Infrastructure Tax Credit
- Blood Donation
- Transitional Home Charitable Contribution Credit
- Low-Income Health Care Services Charitable Contribution Credit
- Food Bank Charitable Contribution Credit
- Bank Share
- Income Tax Paid To Another State
Some restrictions exist for the use of income tax credits on the Mississippi individual income tax return. Many of these credits are often be used by a pass-through from an entity filing a Mississippi Partnership or S Corporation tax return.
Some of the credits do allow the unused portion to be carried forward for a period of time. If a taxpayer has more than one credit and/or more than one type of credit, the credits may be used in any sequence so as to obtain the greatest tax savings.
To claim a Mississippi tax credit, go to:
- State Section
- Mississippi Return