83-401: Tax Credit Summary Schedule (2024)
Mississippi · Mississippi DOR · Used for tax years 2024
Mississippi Form 83-401 is the 2024 Tax Credit Summary Schedule for franchise and income tax credits. It summarizes credits earned, received from pass-through entities, carried over from prior years, used, expired or allocated, and available to carry over to next year.
What you'll need
To complete the 2024 schedule, have:
- Your federal employer identification number (FEIN).
- The credit code for each credit reported.
- Amounts for credits earned this year, received from a pass-through entity, carried over from a prior year, used this year, and expired or allocated this year.
- The charitable organization's name if you select code 36, 39, 42, 43, or 45. Attach a statement if needed.
The form also calls for an attached statement for the Historic Structure Rehabilitation credit.
Common mistakes
Keep these printed reminders in mind:
- If you take more than three income tax credits, see the instructions in Form 83-100.
- If you select code 36, 39, 42, 43, or 45, enter the charitable organization's name on line 5 and attach a statement if needed.
- Attach a statement for the Historic Structure Rehabilitation credit.
Questions people ask
Which credits go in Part I?
Part I is for franchise tax credits with codes 16, 19, and 50. Part II is for income tax credits.
How is the carryover available for next year calculated?
Column G uses the formula B + C + D − E − F. Add credits earned this year, credits received from a pass-through entity, and carryover from the prior year. Then subtract credits used this year and credits expired or allocated this year. Total column G on line 2 for franchise tax credits and line 4 for income tax credits.
Where do I enter the total franchise tax credit used this year?
Total column E in Part I on line 1. Enter that amount on Form 83-105, page 1, line 3.
Where do I enter the total income tax credit used this year?
Total column E in Part II on line 3. The form directs you to enter that amount on Form 83-105, page 1, line 7; Form 83-391, page 1, line 4; or Form 83-310, column B, line 5. If you take more than three income tax credits, see the instructions in Form 83-100.