Get Ms Dor 80-315 2022-2025

The MS DoR 80-315 form is essential for claiming the reforestation tax credit in Mississippi. This guide will provide you with clear, step-by-step instructions to complete the form efficiently online, ensuring you capture all necessary information accurately.

Follow the steps to complete the MS DoR 80-315 form online.

1. Press the 'Get Form' button to access the MS DoR 80-315 form and open it in the document editor.
2. Begin with Part I by entering your taxpayer identification numbers: SSN and FEIN. Then, provide your full taxpayer name.
3. In line 1, input the total expenditures related to eligible reforestation activities performed in 2022.
4. Complete line 2 by calculating the total cost of approved practices as established by the Mississippi Forestry Commission. This requires filling out the worksheet on the reverse side and summarizing the total in column C.
5. For line 3, enter the lesser amount between line 1 and line 2 to reflect your eligible costs.
6. In line 4, calculate 50% of the amount from line 3 or $10,000, whichever is less, to determine the reforestation tax credit (RTC) earned this year.
7. For lines 5a and 5b, provide the amount of RTC carried over from previous years and the current year's RTC passed through to you as an investor in a pass-through entity.
8. In line 6, sum the amounts from line 4, line 5a, and line 5b for the total RTC available to utilize this year.
9. Indicate whether you elected to claim either the investment tax credit or reforestation amortization regarding qualifying expenditures in the corresponding fields.
10. Move to Part II and fill in line 7 with the amount of total income tax due, referencing the appropriate forms based on your filing status.
11. In line 8, enter the total amount of all other credits available this year, excluding withholding or estimated tax payments.
12. Line 9 should reflect your net income tax due calculated by subtracting line 8 from line 7.
13. For line 10, enter the lesser value between line 6 and line 9 as your reforestation tax credit.
14. Part III involves documenting your carryover amounts: enter the total RTC available in line 11 and the RTC utilized in line 12 to determine the carryover in line 13.
15. In Part IV, complete lines 14 through 16 regarding your lifetime reforestation tax credit amounts and history.
16. Part V requires a certification from a qualified forester. Ensure to have your forester complete and sign this section, including their business address and date.
17. Once all fields are completed and verified for accuracy, save your changes and choose your preferred option to download, print, or share the form.

Complete your MS DoR 80-315 form online today to benefit from available reforestation tax credits.