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Long Term Care Credit

Veterans Employee Credit

A credit is available against individual income taxes for

Effective January 1, 2016, there is a credit available to a

premiums paid during the taxable year for certain qualified

taxpayer who employs a person who is a new hire employed

long term care insurance policies as defined in Section 7702B

after January 1, 2015, who is an honorably discharged

of the Internal Revenue Code. The credit available is twenty-

veteran, as defined in Title 38 of the United States Code, who

five percent (25%) of premiums paid during the taxable year

served on active duty in the Armed Forces of the United States

not to exceed $500 or the taxpayer’s income tax liability,

on or after September 11, 2001, and who has been

whichever is less, for each individual qualified long term care

unemployed for six (6) consecutive months immediately prior

insurance policy. No carry forward is allowed for any unused

to being employed by the taxpayer. The credit should be for

portion. If more than one is carried on the same policy, credit

an annual amount equal to ten percent (10%) of the annual

is only available for that policy.

wages (as defined in §27-7-303) paid to each person so

employed or Two Thousand Dollars ($2,000.00), whichever is

Biomass Energy Investment Credit

the lesser, for each person employed, for five (5) years. The

A credit is allowed for eligible facilities equal to five (5%) of

credit may be claimed by the taxpayer once for each person

investments made in the initial establishment of this facility.

hired. The tax credit may not be claimed for hiring a person

An eligible facility is a new facility that creates at least twenty

whose employment was previously utilized to claim the tax

(20) full time jobs with a minimum investment from private

credit. The tax credit shall not exceed the amount of tax

sources of $50,000,000 and produces electric energy from

imposed upon the taxpayer for the taxable year reduced by

biomass. The credit shall commence within two (2) years from

the sum of all other credits allowable to the taxpayer under this

the date becomes operational and may be carried forward for

chapter, except credit for tax payments made by or on behalf

five (5) consecutive years. The credit is limited to fifty percent

of the taxpayer. Any tax credit claimed under this section but

(50%) of the total state income tax liability.

not used in any taxable year may be carried forward for five

(5) consecutive years from the close of the tax year in which

Wildlife Land Use Credit

the credits were earned. In order to be eligible to claim this

A state income tax credit is allowed that provides a $5.50 per

credit for an employee, the taxpayer must employ the

acre tax credit for certain taxpayers that allow land to be used

employee for at least six (6) consecutive months during the

as a natural area preserve, wildlife

refuge, wildlife

year for which the credit is claimed and the employee must

management area or public outdoor recreation area. Land

work an average of at least thirty (30) hours per week for the

must first be approved to be suitable for the uses listed above

taxpayer during that time. The tax credit shall not exceed One

by the Mississippi Commission on Wildlife, Fisheries and

Million Dollars ($1,000,000.00).

Parks. Any unused credit amount may be carried forward for

five (5) years from the close of the taxable year in which the

You may visit our web site at

for information

land was approved for such a use.

on other credits and their limitations. You may visit our web

site at

for information on other credits and

Prekindergarten Credit

their limitations. Other credits include Enterprise Zone Credit,

A credit is available for qualified prekindergarten program

Business Child/Dependent Care Credit, Basic Skills or

support contributions paid to approved providers, lead

Training Credit, Finance Company Privilege Tax Credit,

partners or collaboratives, not to exceed One Million Dollars

Mississippi Business Finance Corporation Revenue Bond

($1,000,000.00), by any individual, corporation or other entity

Service Credit, Export Port Charges, Temporary Assistance

having taxable income during any calendar year. In order to

for Needy Families (TANF) Credit.

qualify for this credit, the amount of the qualified

prekindergarten program support contributions paid shall be

NOTE:

The Business Child/Dependent Care Credit

approved by the State Department of Education. Any unused

referred to above IS NOT the same credit that is allowed

portion of the credit may be carried forward for three (3) years

for federal income tax purposes. The credit referred to

here is allowable to employers who provide facilities for

the care of dependents of their employees.

GENERAL INFORMATION

Federal/State Electronic Filing Program: Your professional

ELECTRONIC FILING

tax practitioner can file both your federal and state returns by

using the E-File program. Returns are more accurate and

The Department of Revenue offers several electronic filing

refunds are much faster when you file electronically.

methods to make filing returns easier. The advantages of

approved transmitter must sign Form 80-115 (MS8453),

filing electronically are:

Mississippi State Declaration for Electronic Filing. Ask your

tax preparer about electronic filing!

1. Faster

2. Convenient

Federal/State On-Line Filing Program: You can file your tax

3. Easier

return from the convenience of your home computer by

4. More accurate

purchasing the computer program from the store or over the

5. Some are even FREE!!!

internet. Visit our website at

for additional

information on how to file Mississippi returns on-line and how

to access approved on-line software providers.

Form 80-100-16-8-1-000 - Income Tax Instructions - Resident, Non-Resident And Part-Year Resident Page 17

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