MS HB424

Amends Section 27-7-315 of the Mississippi Code to revise the timeline for when interest accrues on income tax refunds for overpayments.

Changes the interest accrual period from an unspecified timeline to sixty (60) days after the prescribed due date of the return, the date the return is filed, or the date the Department of Revenue determines a refund is due, whichever is later.

Maintains the interest rate at one percent (1%) per month on overpayments, but only computed from after the sixty-day period expires to the date of payment.

Takes effect July 1, 2010.