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Screen MSCr - Mississippi Credits (1120)

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Income Tax Credits

Use this section to enter Mississippi income tax credit information. Amounts entered in these fields transfer to Form 83-401 or Form 84-401. For S Corporations not filing composite returns, only the
Earned This Year
 column is necessary as all income credits are passed through to shareholders in the year during which they are earned. For S Corporations filing composite returns, however, all columns are necessary, and the amounts entered in columns for
Prior Year Carryover
,
Used This Year
, and
Expired This Year
 should be only such amounts as are attributable to the composite return.
Per the Mississippi Department of Revenue, an electing pass-through entity may pass through income tax credits (incentive credits) to shareholders or utilize it on Form 84-105, but not both. UltraTax CS will default all income tax credits as passing to shareholders. If the pass-through entity chooses to utilize a credit on Form 84-105 instead, enter the amount to be utilized in the
Used This Year
 column of the MSCr screen or the MSK1-5 screen.
note
Any income tax credit amount utilized on Form 84-105 won’t be available to pass through to shareholders of the electing pass-through entity. The amount utilized will also reduce the PTE Tax Credit available to shareholders on a dollar for dollar basis, as this credit is based upon the net PTE tax after credits. Therefore, an FYI diagnostic warning will alert if any credit has an amount entered in the Used This Year column for an Electing Pass-through entity return.
For more information, check the Mississippi Electing Pass-Through Entity FAQs topic
Can incentive credits earned by the electing pass-through entity be passed through to partners
.
Requesting refund in lieu of 10 year carryforward on historic structure rehabilitation credit
Enter
X
 if the corporation has an unused credit for historic structure rehabilitation for which the corporation elects to request a refund in lieu of a 10-year carryforward on such credit.

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