Form 80-315-23-3-1-000 (Rev. 10/23)  
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0404                                                                                                    MISSISSIPPI                                                                                                                   0404
0505                                                                                     REFORESTATION TAX CREDIT                                                                                                                     0505
0606                                                                                                                                                                                                                                  0606
0707 GENERAL                                                                                                                                                                                                                          0707
0808Any eligible owner who incurs costs for approved reforestation practices for eligible tree species on eligible lands shall be allowed a credit, in an amount                                                                      0808
0909equal to the lesser of fifty percent (50%) of the actual costs of the approved reforestation practices or fifty percent (50%) of the average cost of approved 0909
1010practices as established by the Mississippi Forestry Commission, against the income tax liability imposed for the tax year in which the costs are incurred.                                                                       1010
1111                                                                                                                                                                                                                                  1111
1212The Reforestation Tax Credit (RTC) shall not exceed the lesser of (a) Ten Thousand Dollars ($10,000), or (b) the amount of income tax imposed upon                                                                                1212
1313the eligible owner for the taxable year reduced by all other credits allowable to the eligible owner under the income tax laws of Mississippi (except                                                                             1313
1414credits for estimated tax payments and/or withholding taxes).  Any unused portion of the RTC may be carried forward for succeeding years until it is                                                                              1414
1515utilized in full.  The maximum dollar amount of the RTC that an eligible owner may utilize during his lifetime shall be Seventy-Five Thousand Dollars                                                                             1515
1616($75,000.00) in the aggregate.  With respect to an eligible owner that is a pass-through entity for tax purposes, the maximum qualifying expenditure                                                                              1616
1717($20,000) giving rise to the maximum $10,000 credit shall be applied at both the pass-through entity level and at the investor level.  Married taxpayers                                                                          1717
1818filing a joint return may each qualify as an eligible owner (each being eligible for the maximum life time RTC) provided that each spouse individually has                                                                        1818
1919eligible land, has a qualified reforestation prescription or plan, and/or is an investor in a pass-through entity that is an eligible owner that qualifies for the                                                                1919
2020RTC.                                                                                                                                                                                                                              2020
2121If an eligible owner receives any state or federal cost share assistance funds to defray the cost of an approved reforestation practice, the cost of that                                                                         2121
2222practice on the same acre or acres within the same tax year is not eligible for the RTC unless the eligible owner's adjusted gross income for that taxable                                                                        2222
2323year is less than the federal earned income credit level.  For this purpose, adjusted gross income is an amount equal to the maximum modified AGI used  2323
2424for Federal purposes in determining whether a taxpayer is eligible for the earned income credit.                                                                                                                                  2424
2525                                                                                                                                                                                                                                  2525
2626To be eligible for the tax credit, an eligible owner must have a reforestation prescription or plan prepared for the eligible lands by a graduate forester of a 2626
2727college, school or university accredited by the Society of American Foresters or by a registered forester under the Foresters Registration Law of 1977.                                                                           2727
2828The forester must verify in writing that the reforestation practices were completed and that the reforestation prescription or plan was followed.  Qualified                                                                      2828
2929foresters are not allowed to certify their own land for the RTC.  In the event that RTC is earned with respect to a practice completed during a taxable year, 2929
3030and the overall prescription or plan is, for any reason, not subsequently completed in its entirety, any RTC previously earned must be recaptured in full.                                                                        3030
3131                                                                                                                                                                                                                                  3131
     DEFINITIONS
3232                                                                                                                                                                                                                                  3232
3333The following definitions are applicable to the RTC:                                                                                                                                                                              3333
3434a. Approved Reforestation Practices means the following practices for establishing a crop of trees suitable for manufacturing into forest products:                                                                               3434
3535                                                                                                                                                                                                                                  3535
3636 1.          Pine and Hardwood Tree Planting Practices including the cost of seedlings, planting by hand or machine, and site preparation.                                                                                        3636
3737 2.          Mixed-Stand Regeneration Practices to establish a mixed-crop of pine and hardwood trees by planting or direct seeding, or both, including the                                                                        3737
3838             cost of seedlings, seed/acorns, planting, seeding and site preparation.                                                                                                                                              3838
3939 3.          Direct Seeding Practices to establish a crop of pine or oak trees by directly applying seed/acorns to the site including the cost of seed/acorns,                                                                    3939
4040             seeding and site preparation.                                                                                                                                                                                        4040
4141 4.          Post-Planting Site Preparation Practices to reduce or control undesirable competition within the first growing season of an established crop of                                                                      4141
4242             trees.                                                                                                                                                                                                               4242
4343 5.          Natural Regeneration - cost of site preparation only. Approved reforestation practices shall not include the establishment of orchards, Christmas  4343
4444             trees or ornamental trees.                                                                                                                                                                                           4444
4545b. Eligible Tree Species means pine and hardwood commercial tree species suitable for manufacturing into forest products.                                                                                                         4545
4646                                                                                                                                                                                                                                  4646
4747c. Cost-Share Assistance means partial financial payment for approved reforestation practices from the state government as authorized under Miss.                                                                                 4747
4848    Code Ann. § 49-19-201 through § 49-19-227, or the federal government.                                                                                                                                                         4848
4949d. Eligible Owner means a private individual, group or association, but the term shall not mean private corporations which manufacture products or                                                                                4949
5050    provide public utility services of any type or any subsidiary of such corporations.                                                                                                                                           5050
5151                                                                                                                                                                                                                                  5151
5252e. Eligible Lands means nonindustrial private lands owned by a private individual, group or association, but shall not mean lands owned by private                                                                                5252
5353     corporations which manufacture products or provide public utility services of any type or any subsidiary of such corporations.                                                                                               5353
5454f.  Reforestation Prescription or Plan means a written description of the approved reforestation practices that the eligible owner plans to use and includes                                                                      5454
5555     a legal description and map of the area to be reforested, a list of the tree seedling or seed species to be used in the reforestation and the site                                                                           5555
5656     preparation practices that will be utilized.  The cost of the prescription or plan is not an eligible expenditure which may be used in computing the credit.5656
5757                                                                                                                                                                                                                                  5757
5858g. Pass-Through Entity means an entity, such as a partnership or an S corporation, which does not pay income taxes on its earnings, but passes its                                                                                5858
5959     income or loss through to its investors.                                                                                                                                                                                     5959
6060h. Investor means the owner of an interest in a pass-through entity, such as a partner in a partnership or a shareholder in an S corporation.                                                                                     6060
6161                                                                                                                                                                                                                                  6161
6262                                                                                                                                                                                                                                  6262
6363                                                                                                                                                                                                                                  6363
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    Instructions for Mississippi Form 80-315i 
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0404                                                                                                                                                                                                                                                                                              0404
         PART I: COMPUTATION OF CREDIT
0505                                                                                                                                                                                                                                                                                              0505
0606Line 1: Enter the total expenditures made during the year 2023 for all approved reforestation practices, including the cost of seedlings, seed/acorns,                                                                                                                                        0606
0707            seeding, planting by hand or machine, site preparation, and post-planting site preparation on all eligible acres.                                                                                                                                                                 0707
0808Line 2: Enter the total amount of the average cost of approved practices as established by the Mississippi Forestry Commission from Column C of the                                                                                                                                           0808
0909            Reforestation Tax Credit - Cost Worksheet of the back of Form 80-315.                                                                                                                                                                                                             0909
1010                                                                                                                                                                                                                                                                                              1010
1111Line 3: Enter the lesser of line 1 or line 2 above.  This represents your eligible costs for the taxable year.                                                                                                                                                                                1111
1212Line 4: Enter the lesser of (a) 50% of the amount on Line 3 above, or (b) $10,000.  This represents your Reforestation Tax Credit earned for the taxable                                                                                                                                      1212
1313            year 2023.                                                                                                                                                                                                                                                                        1313
1414                                                                                                                                                                                                                                                                                              1414
1515Line 5a: Enter the amount of RTC carried over from prior years.  This represents the amount of RTC which was earned in prior years, but which could not 1515
1616                be used in full to offset the eligible owner's income tax liability.  A copy of the previous year's Form 80-315, which reflects the computation of the  1616
1717                amount of RTC Carryover in Part III, should be attached.                                                                                                                                                                                                                      1717
1818Line 5b: Enter on this line the amount of current year RTC passed through to you as an investor in a pass-through entity.                                                                                                                                                                     1818
1919                                                                                                                                                                                                                                                                                              1919
2020Line 6: Enter the lesser of (a) the sum of lines 4, 5a and 5b; or (b) the amount shown on line 16 below.  The amount shown on line16 represents the                                                                                                                                           2020
2121            balance of your maximum lifetime RTC of $75,000 which has not been used to offset your income tax liability.  For pass-through entities, this                                                                                                                                     2121
2222            represents the amount of RTC which may be passed through to investors and the amount that should be entered on Form 84-401, Income Tax     2222
2323            Credit Summary.  Pass-through entities should skip Parts II and III.                                                                                                                                                                                                              2323
2424                                                                                                                                                                                                                                                                                              2424
     PART II: REFORESTATION TAX CREDIT UTILIZED THIS YEAR
2525                                                                                                                                                                                                                                                                                              2525
2626Line 7: Enter the amount of your total income tax liability for the year 2023 from Form 80-105, line 17 or Form 80-205, line 20 (individuals); Form 83-105, 2626
2727            line 6 (corporations); or Form 81-110, line 2 (fiduciary return).  When married taxpayers file jointly and each spouse qualifies as an eligible owner,  2727
2828            each spouse must file a Form 80-315 to claim their respective RTC.  When both spouses qualify as eligible owners, each spouse should enter on                                                                                                                                     2828
2929            line 7 of their respective Forms 80-315 one half (1/2) of the total income tax due shown on Form 80-105, line 20 or Form 80-205, line 22.                                                                                                                                         2929
3030Line 8: Enter the total amount of all other credits available to you for the year 2023 which may be used to offset all or a portion of your income tax liability.  3030
3131            The allowable credits are described in the income tax instruction booklet for the return you are filing.  When married taxpayers file jointly and each 3131
3232            spouse qualifies as an eligible owner, each spouse should enter one half (1/2) of the total amount of all other credits available to be claimed on                                                                                                                                3232
3333            the joint return on line 8 of their respective Forms 80-315.  Do not include withholding or estimated tax payments in this amount.                                                                                                                                                3333
3434                                                                                                                                                                                                                                                                                              3434
3535Line 9: Subtract line 8 from line 7 (if line 8 exceeds line 7, enter a zero here). This represents the balance of your income tax, if any, after all other                                                                                                                                    3535
3636            available credits have been utilized to offset your income tax liability for the current year.                                                                                                                                                                                    3636
3737Line 10: Enter the lesser of line 6 or line 9.  This represents the amount of RTC which you may use to offset your tax liability for the current year.  For                                                                                                                                   3737
3838                individuals, this amount, along with the amount of all other available credits, should be entered on Form 80-105 page 1 line 19, or Form 80-205, 3838
3939                page 1 line 21.  This amount should be entered on the appropriate line of Form 83-401 (corporations), Form 84-401 (s corporations and                                                                                                                                         3939
4040                partnerships) and Form 80-401 (fiduciaries).                                                                                                                                                                                                                                  4040
4141                                                                                                                                                                                                                                                                                              4141
4242 PART III: COMPUTATION OF REFORESTATION TAX CREDIT CARRYOVER AMOUNT                                                                                                                                                                                                                           4242
4343Line 11: Enter the amount shown on line 6 above.  This represents the total amount of RTC which is available to be used this year to offset your current                                                                                                                                      4343
4444                year income tax liability.                                                                                                                                                                                                                                                    4444
4545                                                                                                                                                                                                                                                                                              4545
4646Line 12: Enter the amount shown on line 10 above.  This represents the amount of your RTC which was actually used to offset your income tax liability                                                                                                                                         4646
4747                for the current year.                                                                                                                                                                                                                                                         4747
4848Line 13: Subtract line 12 from line 11.  This represents the remaining balance, if any, of your RTC which you may carry over to subsequent years and use 4848
4949                to offset your income tax liability in the subsequent years.                                                                                                                                                                                                                  4949
5050                                                                                                                                                                                                                                                                                              5050
5151 PART IV: COMPUTATION OF ACCUMULATED REFORESTATION TAX CREDIT LIFETIME CREDIT UTILIZED                                                                                                                                                                                                        5151
5252Line 14: No entry required.  The maximum amount, in the aggregate, of RTC which you may utilize during your lifetime, is the amount shown of $75,000. 5252
5353                                                                                                                                                                                                                                                                                              5353
5454Line 15: Enter the total amount of RTC which you have actually used to offset any portion of your income tax liability in all prior years.  This amount will                                                                                                                                  5454
5555                be the total of all the amounts shown on line 12, Part III, of Form 80-315, for ALL prior years.  For pass-through entities, enter the total of RTC                                                                                                                           5555
5656                passed through to investors for ALL prior years.                                                                                                                                                                                                                              5656
5757Line 16: Subtract line 15 from line 14.  This represents the balance of your lifetime RTC allowance of $75,000 which is available to be utilized, provided                                                                                                                                    5757
5858                the credit is actually earned.  For pass-through entities, this represents the balance of your lifetime RTC allowance which is available to be                                                                                                                                5858
5959                passed through to investors.                                                                                                                                                                                                                                                  5959
6060                                                                                                                                                                                                                                                                                              6060
6161     PART V: CERTIFICATION OF FORESTER                                                                                                                                                                                                                                                        6161
6262This certification must be signed by a qualified forester in order for you to claim the Reforestation Tax Credit as an offset to your income tax liability.                                                                                                                                   6262
6363                                                                                                                                                                                                                                                                                              6363
    No0606 0707RTC08009 10will11 12be13allowed14 15 16 17unless18 19 20 21this22 23form,24 25 26properly27 28 29 30executed,31 32 33 34 35is36filed37 38 39with40 41your42 43tax44 45return.46 47 48 49 50 51 52 53 54 55 56 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 808 09 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 53 54 55 56 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 80