The amount of the credit is subject to the following limitations:
1. The credit may not exceed the amount of income tax due the State of Mississippi.2. The credit may not exceed the amount of income tax actually paid to the other state. (Any income tax credits allowed by another state will not be treated as taxes actually paid.)3. The credit may not exceed an amount computed by applying the highest applicable Mississippi rates to the net taxable income reported to the other state. Highest rates are meant to mean the highest rates at which the net taxable income reported to the other state is taxable by the State of Mississippi.35 Miss. Code. R. § 3-01-12-102