84-401: Tax Credit Summary Schedule (2024)
Mississippi · Mississippi DOR · Used for tax years 2024
Mississippi Form 84-401 is the 2024 Tax Credit Summary Schedule for franchise and income tax credits. It reports credits earned, received from pass-through entities, carried over from the prior year, used, expired or allocated, and available to carry over to next year.
What you'll need
Have the following information ready to complete the schedule:
- Your federal employer identification number (FEIN).
- The code and amounts for each credit, including credits earned this year, received from a pass-through entity, carried over from the prior year, used this year, and expired or allocated this year.
- A statement for the Historic Structure Rehabilitation credit, which the form says to attach.
- The charitable organization's name if you select code 36, 39, 42, 43, or 45. Attach a statement if needed.
Common mistakes
- Do not omit the charitable organization's name on line 5 if you select code 36, 39, 42, 43, or 45. Attach a statement if needed.
- Do not leave out the required statement for the Historic Structure Rehabilitation credit.
- If you take more than three income tax credits, follow the form's direction to see the instructions in Form 84-100.
Questions people ask
Which credits belong in Part I?
Part I is for franchise tax credits with codes 16, 19, and 50. Part II is for income tax credits.
Where does the franchise tax credit total go?
Total column E in Part I and enter it on line 1 of this schedule. Also enter that amount on Form 84-105, page 1, line 3.
What goes on the income tax credit total line?
On line 3, enter the total credit from column E used by and passed through to all partners. Composite and electing pass-through entities also enter the total on Form 84-105, page 1, line 7.
How is the credit carryover for next year calculated?
For each credit, column G equals B + C + D − E − F. Add the column G amounts in Part I for the franchise tax carryover total on line 2. Add the column G amounts in Part II for the income tax carryover total on line 4.