Mississippi Reforestation Tax Credit (Page 2 of 2) in pdf

Instructions for Mississippi Form 80-315 (Revised 2012)

Part I: Computation of Credit

Line 1: Enter the total expenditures made during the year 2012 for all approved reforestation practices, including the cost of seedlings,

seed/acorns, seeding, planting by hand or machine, site preparation, and post-planting site preparation on all eligible acres.

Line 2: Enter the total amount of the average cost of approved practices as established by the Mississippi Forestry Commission from Column C

of the Reforestation Tax Credit -Cost Worksheet of the back of Form 80-315.

Line 3: Enter the lesser of Line 1 or Line 2 above. This represents your eligible costs for the taxable year.

Line 4: Enter the lesser of (a) 50% of the amount on Line 3 above, or (b) $10,000. This represents your Reforestation Tax Credit earned for the

taxable year 2012.

Line 5a: Enter the amount of RTC carried over from prior years. This represents the amount of RTC which was earned in prior years, but which

could not be used in full to offset the eligible owner's income tax liability. A copy of the previous year's Form 80-315, which reflects the

computation of the amount of RTC Carryover in Part III, should be attached.

Line 5b: Enter on this line the amount of current year RTC passed through to you as an investor in a pass-through entity.

Line 6: Enter the lesser of (a) the sum of Lines 4, 5a & 5b; or (b) the amount shown on Line 16 below. The amount shown on Line16 represents

the balance of your maximum lifetime RTC of $75,000 which has not been used to offset your income tax liability. For pass-through entities,

this represents the amount of RTC which may be passed through to investors and the amount that should be entered on Form 84-401, Income

Tax Credit Summary. Pass-through entities should skip Parts II and III.

Part II: Reforestation Tax Credit Utilized This Year

Line 7: Enter the amount of your total income tax liability for the year 2012 from Form 80-105 or 80-205, Line 22 (individuals); Form 83-105,

Line 5 (corporations); or Form 81-110, Line 7 (fiduciary return). When married taxpayers file jointly and each spouse qualifies as an eligible

owner, each spouse must file a Form 80-315 to claim their respective RFC. When both spouses qualify as eligible owners, each spouse should

enter on line 7of their respective Forms 80-315 one half (1/2) of the total income tax due shown on Line 22, Form 80-105.

Line 8: Enter the total amount of all other credits available to you for the year 2012 which may be used to offset all or a portion of your income

tax liability. The allowable credits are described in the income tax instruction booklet for the return you are filing. When married taxpayers file

jointly and each spouse qualifies as an eligible owner, each spouse should enter one half (1/2) of the total amount of all other credits available to

be claimed on the joint return on line 8 of their respective Forms 80-315. Do not include withholding or estimated tax payments in this amount.

Line 9: Subtract Line 8 from Line 7 (If line 8 exceeds Line 7, enter a zero here). This represents the balance of your income tax, if any, after all

other available credits have been utilized to offset your income tax liability for the current year.

Line 10: Enter the lesser of Line 6 or Line 9. This represents the amount of RTC which you may use to offset your tax liability for the current

year. For individuals, this amount, along with the amount of all other available credits, should be entered on Form 80-105 page 1 Line 26, or

Form 80-205, page 1 Line 25. For corporations, S corporations, partnerships, and fiduciaries, this amount should be entered on the appropriate

line of Form 84-401.

Part III: Computation of RTC Carryover Amount

Line 11: Enter the amount shown on Line 6 above. This represents the total amount of RTC which is available to be used this year to offset your

current year income tax liability.

Line 12: Enter the amount shown on Line 10 above. This represents the amount of your RTC which was actually used to offset your income tax

liability for the current year.

Line 13: Subtract Line 12 from Line 11. This represents the remaining balance, if any, of your RTC which you may carry over to subsequent

years and use to offset your income tax liability in the subsequent years.

Part IV: Computation of Accumulated RTC Lifetime Credit Utilized

Line 14: No entry required. The maximum amount, in the aggregate, of RTC which you may utilize during your lifetime, is the amount shown of

$10,000.

Line 15: Enter the total amount of RTC which you have actually used to offset any portion of your income tax liability in all prior years. This

amount will be the total of all the amounts shown on Line 12, Part III, of Form 80-315, for ALL prior years. For pass-through entities, enter the

total amount of RTC passed through to investors for ALL prior years.

Line 16: Subtract Line 15 from Line 14. This represents the balance of your lifetime RTC allowance of $10,000 which is available to be utilized,

provided the credit is actually earned. For pass-through entities, this represents the balance of your lifetime RTC allowance which is available to

be passed through to investors.

Part V: Certification of Forester

This certification must be signed by a qualified forester in order for you to claim the Reforestation Tax Credit as an offset to your income tax

liability. No RTC will be allowed unless this form, properly executed, is filed with your tax return.

Mississippi Reforestation Tax Credit Page 2

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