The Mississippi Tax Credit Summary Schedule is the worksheet used to organize the income tax credits you are claiming for the year, show how much credit you earned this year, record any credit passed through from an entity, apply any credit carryover from a prior year, and calculate what amount was used, expired, allocated, or still available for next year. In simple terms, this schedule acts like your credit tracking page. It brings all of your eligible Mississippi income tax credits into one place so the return shows exactly what you used this year and what may remain for a future year. It also helps the state connect each credit to the correct credit code, which matters because different credits have different rules, and some do not allow carryover at all. If you are claiming one or more Mississippi income tax credits on your return, this schedule is the form that ties the numbers together and supports the amount entered on your main tax return.
Who Uses This Schedule
Use this schedule if you are claiming Mississippi income tax credits on your individual return, nonresident or part-year return, or fiduciary return.
How To File The Mississippi Tax Credit Summary Schedule
Complete the schedule and attach it to the Mississippi tax return where you are claiming the credit. The total credit used this year flows to the credit line on your main return. If you are filing as an individual, use the return line specified for the resident or nonresident return. If you are filing for a fiduciary return, use the line listed for that return. Make sure the identifying number at the top of the schedule matches the taxpayer or entity filing the return. If a credit requires extra identifying information, such as an adoptee Social Security number or the name of a charitable organization, include it in the spaces provided.
If you are filing on paper, make sure the schedule is clean and readable. The form also states that duplex copies and photocopies are not acceptable, so use a proper printed copy when required.
Before You Start
Gather these items before completing the schedule:
- Your Mississippi tax return
- Any credit approval letters or supporting records
- Information about credits earned this year
- Any pass-through credit information received from partnerships, S corporations, or similar entities
- Prior-year records showing unused credit carryovers
- Details about any credits that expired or were allocated during the year
How The Credit Table Works
The middle of the schedule contains the income tax credit table. You will enter one credit per row using the proper credit code, then fill in columns B through G for that credit.
Column A, Code
Enter the credit code that matches the specific tax credit you are claiming. Use the tax credit code list shown on the schedule.
Column B, Credit Earned This Year
Enter the amount of that credit generated during the current tax year.
Column C, Credit Received From Pass-Through Entity
Enter any credit passed through to you from a partnership, S corporation, or other pass-through entity.
Column D, Credit Carryover From Prior Year
Enter any unused amount of that same credit that you brought forward from an earlier year.
Column E, Credit Used This Year
Enter the amount of that credit you are actually using on this year’s return.
Column F, Credit Expired Or Allocated This Year
Enter any amount that expired this year or was allocated during the year and therefore is no longer available to you.
Column G, Credit Carryover Available For Next Year
Figure the remaining amount available for next year using this formula:
Column B + Column C + Column D – Column E – Column F
Enter that result in Column G.
If a credit code is marked with an asterisk, carryover is not available for that credit. That means you should not leave an amount for next year for that code.
Mississippi Tax Credit Codes
Use the correct code for each credit you report.
Code 02, Premium Retaliatory
Use this code for the Premium Retaliatory credit. Carryover is not available.
Code 03, Finance Company Privilege
Use this code for the Finance Company Privilege credit. Carryover is not available.
Code 05, Jobs Tax
Use this code for the Jobs Tax credit.
Code 06, National Or Regional Headquarters
Use this code for the National or Regional Headquarters credit.
Code 07, Research And Development Skills
Use this code for the Research and Development Skills credit.
Code 08, Employer Child / Dependent Care
Use this code for the Employer Child or Dependent Care credit.
Code 09, Basic Skills Training Or Retraining
Use this code for the Basic Skills Training or Retraining credit.
Code 10, Reforestation
Use this code for the Reforestation credit.
Code 11, Gambling License Fee
Use this code for the Gambling License Fee credit. Carryover is not available.
Code 12, Financial Institution Jobs
Use this code for the Financial Institution Jobs credit. Carryover is not available.
Code 13, Mississippi Revenue Bond Service
Use this code for the Mississippi Revenue Bond Service credit.
Code 14, Ad Valorem Inventory
Use this code for the Ad Valorem Inventory credit.
Code 15, Export Port Charges
Use this code for the Export Port Charges credit.
Code 16, Insurance Guaranty
Use this code for the Insurance Guaranty credit.
Code 17, Import Credit
Use this code for the Import Credit.
Code 18, Land Donation
Use this code for the Land Donation credit.
Code 19, Broadband Technology
Use this code for the Broadband Technology credit.
Code 21, Brownfield Credit
Use this code for the Brownfield Credit.
Code 22, Airport Cargo Charges
Use this code for the Airport Cargo Charges credit.
Code 23, Manufacturing Investment Tax Credit
Use this code for the Manufacturing Investment Tax Credit.
Code 24, Alternative Energy Jobs
Use this code for the Alternative Energy Jobs credit.
Code 25, Child Adoption
Use this code for the Child Adoption credit. If you use this code, you must also complete Line 3.
Code 26, Historic Structure Rehabilitation
Use this code for the Historic Structure Rehabilitation credit. A statement is required.
Code 27, Long Term Care
Use this code for the Long Term Care credit. Carryover is not available.
Code 28, New Markets
Use this code for the New Markets credit.
Code 29, Biomass Energy Investment
Use this code for the Biomass Energy Investment credit.
Code 30, Wildlife Land Use
Use this code for the Wildlife Land Use credit.
Code 31, Prekindergarten Credit
Use this code for the Prekindergarten credit.
Code 32, Headquarters Relocation Credit
Use this code for the Headquarters Relocation credit.
Code 34, Qualifying Charitable Contribution Credit Approved By DOR
Use this code for this charitable contribution credit. If you use this code, you must also complete Line 4.
Code 35, Qualifying Foster Care Charitable Credit Approved By DOR
Use this code for this foster care charitable credit. If you use this code, you must also complete Line 4.
Code 36, Business Contributions To Eligible Charitable Organizations
Use this code for business contributions to eligible charitable organizations. If you use this code, you must also complete Line 4.
Code 37, Endowment Fund Charitable Credit
Use this code for the Endowment Fund Charitable Credit.
Code 38, Inland Water Transportation
Use this code for the Inland Water Transportation credit.
Code 39, Pregnancy Resource Charitable Contribution Credit
Use this code for the Pregnancy Resource Charitable Contribution Credit. If you use this code, you must also complete Line 4.
Code 40, Railroad Infrastructure Tax Credit
Use this code for the Railroad Infrastructure Tax Credit.
Code 41, Blood Donation
Use this code for the Blood Donation credit. Carryover is not available.
Code 42, Transitional Home Charitable Contribution Credit
Use this code for the Transitional Home Charitable Contribution Credit. If you use this code, you must also complete Line 4.
Code 43, Low-Income Health Care Services Charitable Contribution Credit
Use this code for the Low-Income Health Care Services Charitable Contribution Credit. If you use this code, you must also complete Line 4.
Code 44, Dependent Care Credit
Use this code for the Dependent Care Credit. Carryover is not available.
Code 45, Food Bank Charitable Contribution Credit
Use this code for the Food Bank Charitable Contribution Credit. If you use this code, you must also complete Line 4.
Code 46, Blighted Property Rehabilitation Credit
Use this code for the Blighted Property Rehabilitation Credit.
Code 50, Bank Share
Use this code for the Bank Share credit. Carryover is not available.
Code 60, Mississippi Flexible Tax Incentive Act, MFLEX
Use this code for the Mississippi Flexible Tax Incentive Act credit.
Line-By-Line Instructions
SSN
Enter the Social Security number of the taxpayer if the schedule is being filed with an individual income tax return.
FEIN
Enter the Federal Employer Identification Number when the filer is an entity or when that identifying number applies to the return.
Line 1
Enter the total income tax credit used this year. This is the total of Column E from all rows in the credit table. After totaling Column E, carry that amount to the credit line on the main Mississippi return that applies to you.
Line 2
Enter the total income tax credit available for next year. This is the total of Column G from all rows in the credit table. Only include amounts that are actually allowed to carry forward.
Line 3
If you entered Code 25 for the Child Adoption credit, enter the adoptee Social Security number or numbers on this line.
Line 4
If you entered Code 34, 35, 36, 39, 42, 43, or 45, enter the name of the charitable organization connected to that credit on this line. If more space is needed, include a separate statement.
How To Complete The Schedule Step By Step
Step 1
Enter your identifying number at the top of the form, either your SSN or FEIN, depending on the filer.
Step 2
Review the tax credit code list and identify every Mississippi income tax credit you are claiming.
Step 3
For each credit, enter the correct code in Column A on its own row.
Step 4
Enter the current-year amount earned for that credit in Column B.
Step 5
Enter any pass-through credit received from another entity in Column C.
Step 6
Enter any unused carryover from a prior year in Column D.
Step 7
Enter the portion of that credit you are actually using this year in Column E.
Step 8
Enter any amount that expired or was allocated during the year in Column F.
Step 9
Calculate the remaining amount for next year in Column G using the worksheet formula.
Step 10
Add all Column E amounts and place the total on Line 1.
Step 11
Add all Column G amounts and place the total on Line 2.
Step 12
Complete Line 3 if you claimed the Child Adoption credit.
Step 13
Complete Line 4 if you claimed one of the listed charitable contribution credits.
Step 14
Attach the schedule to your Mississippi return and make sure the total credit used this year matches the amount entered on your main return.
Common Mistakes To Avoid
Using The Wrong Credit Code
Always match the credit to the correct code before entering any amounts.
Forgetting The Carryover Rule
Some credits do not allow carryover. Do not place a next-year balance in Column G for a code marked as carryover not available.
Leaving Out Pass-Through Credits
If a credit was received from a pass-through entity, report it in Column C, not in Column B.
Misstating The Amount Used This Year
Only enter in Column E the amount actually applied on this year’s return.
Skipping Extra Information
If you claim the Child Adoption credit or one of the listed charitable credits, do not leave Lines 3 or 4 blank.
Math Errors In Column G
Double-check the formula for the next-year carryover so the remaining amount is accurate.
Short Filing Tip
Before submitting the return, compare the credit total on this schedule with the credit amount on the main return. Those numbers should agree.