Get Ms Dor 80-315 2021-2025

The MS DoR 80-315 form is essential for claiming the reforestation tax credit in Mississippi. This guide provides a clear and supportive walkthrough to help users complete the form online accurately and effectively.

Follow the steps to fill out the MS DoR 80-315 online easily.

1. Press the ‘Get Form’ button to access and open the MS DoR 80-315 form in an online platform for editing.
2. Begin with Part I, where you will compute your reforestation tax credit. Line 1 requires you to enter the total expenditures during 2021 for all eligible reforestation activities. Make sure to include all applicable costs.
3. On line 2, input the total cost of approved practices as established by the Mississippi Forestry Commission based on the worksheet from the reverse side.
4. Line 3 should reflect the lesser of the amounts from line 1 or line 2; enter this figure for your eligible costs.
5. For line 4, calculate 50% of the amount entered in line 3 or $10,000, whichever is less, as this represents the reforestation tax credit earned this year.
6. In line 5a, include any reforestation tax credit carried over from prior years, ensuring you attach Form 80-315 for the immediate prior year.
7. On line 5b, enter any current year tax credit passed through to you as an investor in a pass-through entity, using your K-1 forms for reference.
8. Summarize the total available tax credit for the current year in line 6 by adding line 4, line 5a, and line 5b. Ensure this amount does not exceed the figure on line 16 of Part IV.
9. Confirm on the form whether investment tax credit or reforestation amortization was elected on your Federal income tax return.
10. Continue to Part II, where you will enter information regarding the reforestation tax credit utilized this year starting with lines 7 and 8.
11. Calculate your net income tax due on line 9 by subtracting total other credits in line 8 from the total income tax in line 7.
12. Enter the lesser amount of row 6 or row 9 on line 10 to determine your total reforestation tax credit utilized this year.
13. Proceed to Part III to compute your carryover amount, noting total reforestation credit available and amount utilized.
14. Finally, fill out Part IV to determine your lifetime allowance and balance of reforestation tax credits.
15. In Part V, complete the certification of forester section, which must be signed and dated, and include the identifying number.
16. Once all fields are accurately completed, you can save changes, download, print, or share the filled form as needed.

Complete your MS DoR 80-315 form online today for a smooth tax credit application process.