Mississippi Administrative Code

Notes 35 Miss. Code. R. 10-02-116 Reserved 10/13/2016

National or Regional Headquarters Relocation Tax Credit Notes 35 Miss. Code. R. 10-02-200 Adopted 10/13/2016

A relocation income tax credit is available to any company that transfers or relocates its national or regional headquarters to Mississippi from outside Mississippi in an amount equal to the actual relocation costs paid by the company. A minimum of twenty (20) jobs must be create…

Relocation costs for which the relocation income tax credit may be taken includes nondepreciable expenses that are necessary to relocate headquarters employees to the national or regional headquarters. These qualified relocation expenses include travel expenses for employees and …

The relocation credit is applied to the tax year in which the relocation costs are paid. The maximum cumulative amount of tax credits that may be claimed by all taxpayers claiming a relocation tax credit in any one (1) fiscal year cannot exceed One Million Dollars ($ 1,000,000.00…

This credit may be used in combination with any of the other credits. The total of the Jobs Tax Credit, the National or Regional Headquarters Tax Credit, the National or Regional Headquarters Relocation Tax Credit and the Research and Development Skills Tax Credit is limited to f…

If the permanent business enterprise is located in an area that has been declared by the Governor to be a disaster area and as a direct result of the disaster the business enterprise is unable to use the existing carryforward, the Commissioner of the Department of Revenue may ext…

This credit is authorized under Miss. Code Ann. Section 57-73-21(7). Notes 35 Miss. Code. R. 10-02-206 Adopted 10/13/2016

Notes 35 Miss. Code. R. 10-02-207 Reserved 10/13/2016

Applying for the Credits and Claiming the Credits Notes 35 Miss. Code. R. 10-02-300 Adopted 10/13/2016

To apply for the credits, an Application for Certification of Economic Incentives and a letter requesting the credit must be submitted. The letter must contain sufficient information to allow a determination of whether the location qualifies as a national or regional headquarters…

Compliance with the equal pay provisions of the federal Equal Pay Act of 1963, the Americans with Disabilities Act of 1990 and the fair pay provisions of the Civil Rights Act of 1964 is required in order to qualify for these credits. Notes 35 Miss. Code. R. 10-02-302 Adopted 10/1…

For detailed instructions concerning the application process or claiming the credits see the Mississippi Tax Incentives, Exemptions and Credits Book. Notes 35 Miss. Code. R. 10-02-303 Adopted 10/13/2016

Notes 35 Miss. Code. R. 10-02-304 Reserved 10/13/2016

Under Miss. Code Ann. Section 57-73-21(6), a credit of $1,000.00 is available for the first five (5) years for each net new full-time employee in any job requiring research and development skills. The employee must be engaged in research and development activities. Qualification …

This credit is available to most companies regardless of the business in which it engages. However, no business enterprise for the transportation, handling, storage, processing or disposal of hazardous waste is eligible to receive this credit. Notes 35 Miss. Code. R. 10-03-101 Am…

A full time employee is an employee who works at least thirty-five (35) hours a week. The employees must be located in Mississippi and subject to Mississippi withholding tax. Part-time positions cannot be combined to add up to a full-time position. Notes 35 Miss. Code. R. 10-03-1…

If the employee is employed in Mississippi for less than twelve (12) months, credit will be allowed for a pro-rated portion of the yearly credit in the first and last years. The amount of the credit is pro-rated based on the number of months the employee is employed in this state…

The total of the Jobs Tax Credit, the National or Regional Headquarters Credit, the National or Regional Headquarters Relocation Credit and the Research & Development Skills Credit is limited to 50% of the Mississippi Income Tax liability. The unused portions can be carried forwa…

The sale, merger, acquisition, reorganization, bankruptcy or relocation from one county to another county within the state of any business enterprise may not create new eligibility in the current or any succeeding business entity, but any unused credit may be transferred and cont…

The credit cannot be used by any business enterprise or corporation other than the business enterprise actually creating the jobs qualifying for the credits. Credit received by a partnership, LLC or an S-Corporation may be passed through to offset tax due from the activity that c…

Compliance with the equal pay provisions of the federal Equal Pay Act of 1963, the Americans with Disabilities Act of 1990 and the fair pay provisions of the Civil Rights Act of 1964 is required. Notes 35 Miss. Code. R. 10-03-107 Amended 10/13/2016

An application is not required in order to take this credit but may be submitted for review. The taxpayer may apply for certification of the credit by submitting the Application for Certification of Economic Development along with a letter requesting the credit. The letter should…

For detailed instructions concerning the application process or claiming the credits see the Mississippi Tax Incentives, Exemptions and Credits Book. Notes 35 Miss. Code. R. 10-03-109 Amended 10/13/2016

This credit is authorized under Miss. Code Ann. Section 57-73-21(6) Notes 35 Miss. Code. R. 10-03-110 Amended 10/13/2016

Notes 35 Miss. Code. R. 10-03-111 35.X.03 revised effective August 15, 2008 Reserved 10/13/2016

1. Permanent business enterprises primarily engaged in manufacturing, processing, distribution, wholesaling, research and development and warehousing. 2. Permanent business enterprises designated by rule or regulation of the Mississippi Development Authority as air transportation…

The credit allowed is fifty percent (50%) of qualified expenses, not to exceed fifty percent (50%) of the income tax liability. Any excess credit will not be refunded, but may be carried forward for up to five (5) years. The program must be certified for a specific number of year…

To qualify for the credit, the basic skills training or retraining must be offered through, or be approved by, the community or junior college in the district where the business is located. Employers must be certified as eligible for the tax credit by the local community or junio…

The credit may be available for basic skills training that enhances reading, writing or math skills up to the twelfth (12th) grade level for employees who are unable to function effectively on the job due to deficiencies in these areas or who would be displaced because such defic…

Employers may contact the Mississippi Community College Board Office of Workforce Education for a list of Community Colleges and the cities where the main campuses are located at: Office of Workforce Education Mississippi Community College Board 3825 Ridgewood Road Jackson, MS 39…

The credit is applied to qualified training or retraining expenses, which are expenses related to instructors, instructional materials and equipment and the construction and maintenance of facilities by the employer that are designated for training or retraining provided through …

Tuition reimbursement programs will qualify as long as they are related to the employee's job and there is an agreement between the employer and employee that the employee must work for the employer for a reasonable period of time after the tuition reimbursement program has been …

The credit cannot be used by any business enterprise or corporation other than the business enterprise actually qualifying for the credit. Credit received by a partnership, LLC or S-Corporation may be passed through to offset tax due from the activity that created the credit. The…

The credit is not refundable. An expense cannot be used both as a credit and a deduction. If a credit is based on an expense, then the amount of the credit taken must be added back to Mississippi taxable income in the year the credit is used. Notes 35 Miss. Code. R. 10-04-108…

This credit is authorized under Miss. Code Ann. Section 57-73-25, as amended. Notes 35 Miss. Code. R. 10-04-109

Reserved Notes 35 Miss. Code. R. 10-04-110

Reserved Notes 35 Miss. Code. R. 10-04-111

An income tax credit is available for debt service on certain bonds issued by the Mississippi Business Finance Corporation. Debt service may include the total amount paid to service the debt. This credit is also known as the Mississippi Business Finance Corporation Revenue Bond S…

Only debt service paid on revenue bonds issued by the Mississippi Business Finance Corporation to finance economic development projects to induce the location of manufacturing facilities within this state can be taken as a credit. This credit can be used against the taxes due fro…

For more information on the benefits of this program contact the Mississippi Development Authority, Post Office Box 849, Jackson, MS 39205-0849. Notes 35 Miss. Code. R. 10-05-102

This credit has been amended several times and the credit carry forward periods will vary. Currently, excess credits may be carried forward to the three (3) succeeding years following the year in which the credit was earned. The credit is limited to eighty percent (80%) of the in…

The credit cannot be used by any business enterprise or corporation other than the business enterprise actually qualifying for the credits. Credit received by a partnership, LLC or an S-Corporation may be passed through to offset tax due from the activity that created the credit.…

The credit is not refundable. An expense cannot be used both as a credit and a deduction. If a credit is based on an expense, then the amount of the credit taken must be added back to Mississippi taxable income in the year the credit is used. Notes 35 Miss. Code. R. 10-05-105…

To apply for this credit: You do not have to apply for this credit, but you must attach a schedule of computation of the current year's credit and expenses that created the credit. You must also attach a schedule of credits used in prior years with any carry forward amounts showi…

This credit is authorized under Section 27-7-22.3 of the Mississippi Code of 1972, as amended. Notes 35 Miss. Code. R. 10-05-107

This regulation is effective January 1, 2001 Notes 35 Miss. Code. R. 10-05-108