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MS SB2967
Bill
AI Summary
- Establishes that the liability of owners holding 10% or more stock in corporations or 10% or more interest in limited liability companies (with 35 or fewer owners) for income withholding tax and sales tax is derivative of the corporation or LLC's liability
- The 3-year assessment period for income withholding tax and the 36-month assessment period for sales tax against such individual owners begins to run only after the underlying liability of the corporation or LLC becomes final, rather than from the original return filing date
- Limits the appeal rights of individuals assessed under these provisions to challenging only whether they meet the ownership interest threshold (10%) and fiscal management responsibility requirements
- Amends four sections of the Mississippi Code (27-7-307, 27-7-49, 27-65-55, and 27-65-42) to conform income tax and sales tax statutes to these new assessment timing rules
- Effective date of July 1, 2010; introduced by Senator Kirby during the 2010 Regular Session and sent to the Governor
Legislative Description
Income tax and sales tax; 3-year assessment period begins to run after corporation's or LLC's liability becomes final.
Last Action
Approved by Governor
3/17/2010
Full Bill Text
No bill text available