Mississippi Application for Exemption from Ad Valorem Taxes for Period of 5 Years with 5 Year Option
Overview of this form
The Application for Exemption from Ad Valorem Taxes for a Period of Five Years with a Five Year Option is a legal document used by businesses, specifically gas refineries and manufacturers, in Mississippi. This form allows eligible entities to request an exemption from ad valorem taxes, except for state and school district taxes, for a specified period. It is distinct from other tax exemption applications due to its particular focus on the gas industry and the specific legislative authority under Section 27-31-101 of the Mississippi Code of 1972.
Key components of this form
- Application details: Basic information about the business and property seeking exemption.
- Approval request: A section indicating the board's approval of the application by order or resolution.
- Certification requirements: Instructions for submitting certified copies of the application and the boardâs approval to the Mississippi State Tax Commission.
- Exemption period: Specifies the duration of the exemption and the option for a five-year extension.
When to use this form
This application is used when a business owner operates a new gas refinery or manufacturing facility in Mississippi and seeks a tax exemption for the property. It is suitable for scenarios where financial relief is desired to support the operational startup phase of the business. Applicants should complete this form to take advantage of the tax exemptions available to new businesses within this specific industry.
Who needs this form
- Business owners operating a gas refinery or manufacturer in Mississippi.
- Entities seeking to minimize their tax liabilities during the initial years of business operation.
- Individuals or organizations that meet the criteria specified in the Mississippi Code for tax exemption eligibility.
Steps to complete this form
- Identify the business: Enter the name and address of the gas refinery or manufacturing entity applying for the exemption.
- State the property details: Describe the property for which the tax exemption is requested.
- Request board approval: Indicate that the board will approve the application by order or resolution.
- Prepare for submission: Gather and prepare the original and three certified copies of the application for submission.
- Forward to the state: Send the completed documents, along with a certified transcript of the approval, to the Mississippi State Tax Commission.
Does this document require notarization?
This form does not typically require notarization unless specified by local law. Always check local regulations to confirm if additional steps are necessary for legal validation.
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Make edits, fill in missing information, and update formatting in US Legal Forms—just like you would in MS Word.
Download a copy, print it, send it by email, or mail it via USPS—whatever works best for your next step.
Sign and collect signatures with our SignNow integration. Send to multiple recipients, set reminders, and more. Go Premium to unlock E-Sign.
If this form requires notarization, complete it online through a secure video call—no need to meet a notary in person or wait for an appointment.
We protect your documents and personal data by following strict security and privacy standards.
Common mistakes
- Failing to provide complete property details and business information.
- Not obtaining board approval before submission of the application.
- Neglecting to prepare the required number of certified copies.
- Missing the submission deadline set by local regulations.
Benefits of completing this form online
- Convenience: Downloadable forms allow easy access anytime and anywhere.
- Editability: Fill out the form digitally for accuracy and ease of use.
- Reliability: Forms are drafted by licensed attorneys to ensure compliance with relevant laws.
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FAQ
Mississippi requires employers to withhold income taxes from employee paychecks in addition to employer paid unemployment taxes. You can find Mississippi's tax rates here. Employees fill out Form 89-350 Mississippi Employee's Withholding Exemption Certificate, to be used when calculating withholdings.
Mississippi Form 89-350, Employee's Withholding Exemption Certificate. The Mississippi Form 89-350, Employee's Withholding Exemption Certificate, must be completed so that you know how much state income tax to withhold from your new employee's wages.
Note: Prior to 2020, Single and Head of Household will all be coded as filing status MS. Married will be coded as filing status MJ. The Standard tax tables are used to calculate tax based on the employee's marital status. The exemption amount per withholding allowance claimed has changed from $4,200 to $4,300.
Withholding allowance refers to an exemption that reduces how much income tax an employer deducts from an employee's paycheck. In practice, employees in the United States use Internal Revenue Service (IRS) Form W-4, Employee's Withholding Certificate to calculate and claim their withholding allowance.
Sales of property, labor or services sold to, billed directly to, and payment is made directly by the United States Government, the state of Mississippi and its departments, institutions, counties and municipalities or departments or school districts of its counties and municipalities are exempt from sales tax.
One may claim exempt from 2020 federal tax withholding if they BOTH: had no federal income tax liability in 2019 and you expect to have no federal income tax liability in 2020. If you claim exempt, no federal income tax is withheld from your paycheck; you may owe taxes and penalties when you file your 2020 tax return.
The state of Mississippi issues just one exemption form, to be utilized when purchasing exempt items such as items intended for resale. The state is one of the few states to only offer one exemption form.
You may claim exemption from withholding for 2019 if both of the following apply. For 2019 you expect a refund of all federal income tax withheld because you expect to have no tax liability. If you're exempt, complete only lines 1, 2, 3, 4, and 7 and sign the form to validate it.
There is no tax schedule for Mississippi income taxes. Mississippi has a graduated tax rate. These rates are the same for individuals and businesses. There is no tax schedule for Mississippi income taxes.
