Reforestation Tax
Credit
The Mississippi Reforestation Tax Credit provides a
Mississippi income tax credit up to 50% of the cost of approved hardwood
and pine reforestation practices. The tax credit promotes reforestation on
private, nonindustrial lands. The credit applies only to individuals or
groups of private nonindustrial landowners. There is a lifetime limit of $75,000.
In addition, a landowner may claim a tax credit of up to $10,000 in any
single year with an unlimited carry-forward provision. Landowners must have a reforestation plan prepared by a graduate or
registered forester. The cost of planting orchards, Christmas trees, or
ornamental trees does not qualify.
Acreage enrolled in a state or federal incentive program is not eligible
for the tax credit. However, certain landowners may be eligible for the
tax credit in addition to incentive payments. Those landowners whose
adjusted gross income is less than the federal Earned Income Credit level
may be eligible for this provision. See a tax advisor for further
information.
The work must be verified by the forester on Mississippi tax form 80-315
as completed according to the prepared plan and submitted to the state Tax
Commission by the landowner in order to qualify. Contact the Mississippi
Tax Commission for a copy of tax form 80-315 and for additional
tax-related information.
Additional tax information for your forestland can be found at the
National
Timber Tax Website.
Publications:
Paying
For A New Forest Without Cost Share Funding (Deborah A. Gaddis, Ph.D.,
Associate Extension Professor, Department of Forestry, Mississippi State
University)
Governor
Barbour Signs Reforestation Tax Credit Bill. The Voice of
Forestry Online, Mississippi Forestry Association, Inc., April 2007.
Mississippi's
Reforestation Tax Credit: What You Need To Know. By
Deborah A. Gaddis, Ph.D., MSU Extension Forestry. Tree Talk,
Official Publication of Mississippi Forestry Association, Inc. Spring
2007.
Tax Tips For Forest Landowners For
The 2008 Tax Year. By Linda Wang, Forest Taxation Specialist
and John L. Greene, Research Forester, Southern Research Station. This
bulletin summarizes key federal income tax provisions for forestland
owners, foresters, loggers, forest product businesses, and tax
practitioners. It is current as of October 1, 2008, and supersedes
Management Bulletin R8-MB 130. Consult your tax and legal professionals
for advice on your particular tax situation. (Posted
10/09/2008)
Tax
Tips For Forest Landowners For The 2007 Tax Year. By Linda Wang,
Forest Taxation Specialist and John L. Greene, Research Forester, Southern
Research Station. This guide is designed to assist owners of
forestland with timber tax information. It is current as of October 1,
2007, and supersedes Management Bulletin R8-MB 128. It is strictly for
educational purposes; consult your legal and tax professionals for advice on
a specific tax situation. (Posted 10/3/2007)
For more
information on this program, contact:
Brendix
Glasgow, District Forester, Northeast P.O. Box 703 1711 McCullough Blvd. Tupelo, Mississippi 38802 (662) 842-5312 office
bglasgow@mfc.state.ms.us
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