MS HB475

Reduces the period for the Department of Revenue to refund income tax overpayments from six months to three months after the final date for filing returns before a taxpayer may petition the Commissioner of Revenue for a hearing on the refund claim.

Maintains the existing 90-day interest requirement, which provides that if an overpayment is not refunded within 90 days after the due date or filing date, interest accrues at one percent (1%) per month on the overpayment.

Clarifies that the department (in addition to the commissioner) can determine refunds due when no overpayment is shown on the return or amended return filed.

Takes effect July 1, 2010.