Mississippi Application for Exemption from Ad Valorem Taxes for Period of 5 Years with 5 Year Option
Understanding 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 to request a tax exemption for a new business, specifically in the gas refinery and manufacturing sector. This form is filed with the circuit court, differentiating it from other tax exemption applications which may apply to different types of businesses or industries.
Key components of this form
- Identification of the applicant and property.
- Statement of approval requested from the Board.
- Details on the duration of the exemption: five years with a five-year option.
- Certification process requiring original and certified copies submitted to the Mississippi State Tax Commission.
- Final orders to be recorded on the Board's minutes upon approval.
When to use this form
This form should be used by business owners operating a new gas refinery or manufacturer in Mississippi who wish to apply for a tax exemption. It is particularly relevant when starting operations and seeking to minimize tax liabilities during the early years of business to aid financial stability and growth.
Who needs this form
- Business owners directly involved in gas refinery and manufacturing.
- Newly established companies that meet specific criteria under the Mississippi Code.
- Individuals or partnerships intending to operate within the defined legal framework of the state of Mississippi.
Instructions for completing this form
- Identify and provide the name and address of the business and property involved.
- Fill in the details specifying the request for a five-year tax exemption and mention the five-year option.
- Include supporting documentation as required by the Board.
- Review the form for accuracy and ensure all sections are completed before submission.
- Submit the original and three certified copies to the relevant Board and ensure they are recorded in the minutes.
Is notarization required?
This form does not typically require notarization to be legally valid. However, some jurisdictions or document types may still require it. US Legal Forms provides secure online notarization powered by Notarize, available 24/7 for added convenience.
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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 include all necessary supporting documentation.
- Not reviewing the form for completeness before submission.
- Incorrectly identifying the type of exemption requested.
Advantages of online completion
- Easy access to downloadable templates crafted by licensed attorneys.
- Editable formats available (Word and Rich Text) for user convenience.
- Saves time by providing a direct pathway to complete legal applications without the need for legal consultations.
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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.
