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MS SB2753
Bill
AI Summary
- Amends Mississippi Code Section 27-7-53 to allow individual taxpayers with state income tax liability exceeding $3,000 to pay through an installment agreement over up to 60 months, provided they have an existing installment agreement with the IRS for federal taxes on income from the same taxable year
- Existing law already permitted installment agreements for tax liabilities between $75 and $3,000, payable within 12 months; the 12-month repayment period continues to apply to that lower liability range
- Taxpayers must file the installment request with their timely filed return, and the commissioner must determine the taxpayer is financially unable to pay the full liability
- Eligibility requires that the taxpayer (and spouse, if filing jointly) has not failed to file a return, failed to pay taxes, or entered into a prior installment agreement in the preceding 5 years
- The commissioner may terminate the agreement if the taxpayer provided inaccurate information, fails to make payments, or fails to pay other tax liabilities; interest of 1% per month from the return due date applies to installment balances
- Effective date: July 1, 2010
Legislative Description
Income tax; authorize payment of certain large tax liabilities in monthly installments over 60 months.
Last Action
Approved by Governor
3/17/2010
Full Bill Text
No bill text available