Form 85-131-10-8-1-000 - Mississippi S-Corporation/partnership Investors Shares Of Income Page 4
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4Form 86-132-10-8-2-000 (Rev. 05/10)
Mississippi
Partnership / LLP / LLC
Mississippi Schedule K-1
Page 2
Credit Codes
CREDITS
CODE
CREDITS
CODE
02
Premium Retalitory Tax Credit (Sec. 27-15-109)
17
Import Credit (Sec.27-7-22.23)
03
Finance Company Privilege Tax Paid for Same Tax Year (Sec. 27-21-9)
18
Land Donation Credit (Sec. 27-7- 22.21)
04
Credit for Advanced Technology or Enterprise Zone (Sec. 27-7-22)
19
Broadband Technology Credit (Sec. 27-87-5)
BrownField Credit (Sec. 27-7-22.16)
05
Jobs Tax Credit (Sec. 57-73-21)
21
06
National or Regional Headquarters Credit (Sec. 57-73-21)
22
Airport Cargo Charges Credit (Sec. 27-7-22-25)
07
Research and Development Skills Credit (Sec. 57-73-21)
23
Manufacturer's Investment Tax Credit (Sec. 27-7-22-30)
08
Child/Dependent Care Credit (Sec. 57-73-23)
Producer of Alternative Energy Job Credit (Sec. 27-7-22-28)
24
09
Basic Skills Training or Retraining Credit (Sec. 57-73-25)
25
Child Adoption Credit (Sec. 27-7-22.32)
10
Reforestation Credit (Sec. 27-7-22.15)
26
Historic Structure Rehabilitation Credit (Sec. 27-7-22.31)
11
27
Credit for Gambling License Fee Based on Gross Revenue (Sec. 75-76-177)
Long Term Care Credit (Sec. 27-7-22-33)
12
Financial Institution Jobs Credit (Sec. 27-7-22.13)
28
New Markets Tax Credit (Sec. 57-105-1)
Biomass Energy Investment Tax Credit (Sec. 27-7-22.35)
13
29
MS Business Finance Corp. Revenue Bond Service Credit (Sec. 27-7-22.3)
30
Wildlife Land Use Credit (House Bill 1716, 2010 Legislative Session)
15
Export Port Charges Credit (Sec. 27-7-22.7)
50
(Sec. 27-35-35)
Bank Share Credit
16
Guaranty Credit (Sec. 83-23-218)
GENERAL RESTRICTIONS ON CREDITS
Generally, a stockholder's share of current year's tax credits may only be used to offset income tax imposed on the shareholder's
income from the same activity. The total of the jobs tax credit, headquarters credit, research and development skills credit, and the
basic skills training and retraining credit cannot exceed 50% of the total income tax liability. The child/ dependent care credit can be
used against 100% of income tax due. The export port charges credit cannot exceed 50% of the amount of income tax for the
taxable year reduced by the sum of all other credits. The reforestation tax credit shall not exceed the lesser of $10,000 or the
amount of income tax imposed upon the eligible owner for the taxable year reduced by the sum of all other credits allowable to the
eligible owner. The ad valorem tax credit and gambling license fee credit may be claimed only in the year in which the ad valorem
taxes and gambling license fees are paid. Any excess and/or unused ad valorem tax credit or gambling license fee credit, cannot be
carried forward. Unused portions of the jobs tax credit, headquarters credit, research and development skills credit, child/dependent
care credit, job training and retraining, and export port charges credit can be carried forward for up to 5 years. Any unused portion of
the reforestation tax credit may be carried forward for succeeding tax years. The maximum reforestation tax credit that an eligible
owner may utilize during their lifetime shall be $75,000 in the aggregate.
SUPPLEMENTAL INFORMATION
The overall concept of the Mississippi reporting requirements has not changed. The amount of certain items that appear in detail on the
Federal Schedule K-1 should be reported on the Mississippi Schedule K-1 after making the necessary Mississippi adjustments according to
the instruction as specified per the Mississippi Form 85-122/86-122, in addition to other possible adjustments that may apply. The
Mississippi treatment of business vs. non-business income and resident vs. non-resident member or shareholder should be taken into
consideration when making those adjustments, except as otherwise noted. Due to the differences in treatment of various elements of
income, expenses and/or credits for Federal and State purposes, the amount shown on the Mississippi Schedule K-1 will not necessarily
be the same amounts as shown on the Federal Schedule K-1.
General Guidelines for the Partnership/LLP/LLC Mississippi Schedule K-1
Lines 1 - 10. Enter the amount that should be reported for Mississippi purposes based on the perspective member/shareholder's interest in that entity. For
Non-Resident member/shareholder enter the amount that should be reported for Mississippi purposes based on the entity's apportionment ratio
and the perspective member/shareholder's interest in that entity.
Lines 6(b), 9(b), 9(c). See Federal Schedule K-1 for Details.
Line 11. Enter the total amount of Mississippi Other Income (Loss). Must attach a separate Mississippi schedule with descriptions and amounts if
applicable.
Line 12. Enter Mississippi Section 179 Deduction.
Line 13. Enter Mississippi Charitable Contributions
Line 14. Enter the total amount of Mississippi Other Deductions. Must attach a separate Mississippi schedule with descriptions and amounts if
applicable.
Line 15. Enter the total amount of Mississippi Self-Employment Earnings (Loss). Must attach a separate Mississippi schedule with descriptions and
amounts if applicable.
Lines 16 - 18. See Federal Schedule K-1 for Details.
Lines 19 - 21. Enter the total amount of Mississippi Tax-Exempt Income and Nondeductible Expenses, Distributions and Other Information, respectively.
Must attach separate Mississippi schedules with descriptions and amounts if applicable.
Partner/Member's Share of Current Year Tax Credits
Line 1.
Enter amount of member/shareholder's perspective share of Ad Valorem tax credit.
Line 2.
Enter description, code and amount of member/shareholder's perspective share of other tax credits.
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