The Mississippi New Jobs Credit Form enables qualifying businesses to claim significant income tax credits based on the creation of new full-time jobs at eligible facilities within the state, offering a powerful incentive for economic growth and employment expansion. Companies that establish or expand operations in Mississippi can track employee increases over multiple years to calculate credits tied to payroll amounts, with higher percentages available for jobs in designated county tiers that reflect regional development needs. To file it, attach the completed form along with the Income Tax Credit Summary Form 83-401 and any required schedules to your Mississippi corporate income tax return, submitting everything to the Mississippi Department of Revenue by the appropriate deadline. Completing it involves meticulously recording monthly employee counts, calculating average increases year by year, and applying tier-specific payroll percentages while accounting for any employment decreases that reduce eligibility. Businesses must ensure all full-time employees are subject to Mississippi withholding tax, and they need to provide detailed schedules listing new job titles, creation dates, and payroll data for verification. This form supports long-term tracking across up to ten years, helping employers maximize credits while complying with state administrative code rules that prevent combining increases across periods or qualifying partial years improperly.
How to Complete Mississippi New Jobs Credit Form
Page 1
FEIN: Enter your Federal Employer Identification Number at the top of the form.
Name: Write your business name clearly in the designated field.
Facility Location: Specify the exact address or location of the facility claiming the credit.
County: Indicate the Mississippi county where the facility operates to determine tier qualification.
Base Year: Record the employee data from your base employment period before job creation begins.
Months 1 through 12: List the number of full-time employees subject to Mississippi withholding at the end of each month for Year 1.
Total Employees: Add up all monthly employee counts listed for the reporting year.
Number of Months in Operation: State how many months your facility was active during the year.
Line 4 Average of Full-Time Employees: Divide the total employees by the number of months in operation to find the yearly average.
Line 5 Less Prior Year Average: Subtract the previous year’s average employee count from the current year’s average.
Line 6 Average Increase in Full-Time Employees: Enter the net increase here and carry this figure to page two line 7.
Page 2
Year 1 Increase Line 7: Transfer the average increase from page one line 6 to start your credit computation.
Year 2 Increase Line 9: Enter the average increase calculated for Year 2 following the same method as page one.
Year 3 Increase Line 10: Record the Year 3 average employee increase.
Year 4 Increase Line 11: Input the Year 4 average increase in full-time employees.
Year 5 Increase Line 12: Note the Year 5 average increase.
Year 6 Increase Line 13: Provide the Year 6 average employee growth.
Year 7 Increase Line 14: State the Year 7 increase figure.
Year 8 Increase Line 15: Enter the Year 8 average increase.
Year 9 Increase Line 16: Record the Year 9 employee increase.
Line 17 Number of New Jobs Eligible for Credit: Sum the increases from lines 8 through 16, noting that current year decreases reduce this total while increases delay qualification by one year.
Line 18 Amount of Payroll for New Jobs: Multiply the number of eligible new jobs by the average annual payroll per job.
Line 19 Percentage of Payroll for New Jobs in County Tier: Apply the appropriate credit percentage based on your county’s tier qualification, such as higher rates for lower-tier areas.
Line 20 Eligible Credit for Percentage of Payroll: Multiply line 18 by line 19 to calculate your total allowable credit amount.
Filing Instructions
Attach a detailed schedule listing each new full-time job with its title, creation date, and annual payroll amount for every year claimed. Submit this completed form together with Form 83-401 Income Tax Credit Summary directly with your Mississippi tax return. Review Title 35 Part X Chapter 01 of the Mississippi Administrative Code for specific limitations on qualifying employment levels and reporting periods. Ensure no combining of increases from multiple years occurs to meet thresholds, as each period stands alone.