35 Miss. Code R. § 3-05-04-102
Current through May 31, 2024
Mississippi does not recognize the Federal tax credit allowed for qualified depreciable property acquired and placed in service during the tax year and does not require the taxpayer's basis in the property be reduced by 50% of the investment tax credit. This affects the computation of gain or loss upon disposition of the asset. In order for a taxpayer to maintain the same basis in property for both Federal and state purposes, for property placed in service after 1982, the taxpayer's basis in the property may be reduced by 50% of the investment tax credit as additional depreciation for Mississippi income tax purposes in the year the ITC is taken.
35 Miss. Code. R. § 3-05-04-102