Section 35-3-05-09-101 - Credit Limitations1. When married taxpayers own eligible land jointly and implement a reforestation plan on that land, they are considered to be one taxpayer for purposes of applying the limitations on the amount of reforestation tax credit earned on that property. Each spouse may also qualify as an eligible owner, in their own right, (each being eligible for the maximum lifetime RTC of $10,000) provided that each spouse individually had qualified expenditures on eligible land which followed a certified reforestation plan. When each spouse qualifies as an eligible owner, and a reforestation tax credit was earned on eligible land owned jointly by the spouses, each spouse will be considered to have earned one-half of the reforestation tax credit with respect to the jointly owned property/properties. When married taxpayers file jointly and each spouse qualifies for the reforestation tax credit, each spouse must file a separate RTC form to claim their respective reforestation tax credit. In computing their respective reforestation tax credit on their individual RTC form, each spouse must use one-half of the total income tax liability reflected on the combined return and one-half of the total amount of all other credits available to be claimed on the joint return.2. In the case of a pass-through entity (partnership or S Corporation), the maximum qualifying expenditure ($20,000) giving rise to the maximum $10,000 lifetime reforestation tax credit shall be applied at both the pass-through entity level and at the investor (partner or shareholder) level. The maximum $10,000 reforestation tax credit earned by the pass-through entity is allocated to each investor, partner or shareholder based on their ownership interest. 3. Where more than one person has an undivided ownership interest in eligible land, and two or more of the interest holders implement a reforestation plan on that land, for purposes of this section, the project will be considered a joint venture and treated in the same manner as a partnership. Accordingly, the joint venture will be considered the eligible owner and the maximum qualifying expenditure limitation shall be applied at the joint venture level as in other pass-through entity situations.35 Miss. Code. R. 3-05-09-101