MS SB2311

Amends income tax law to shield taxpayers from liability for additional taxes owed before an audit date if a previous Department of Revenue examination found the taxpayer in compliance and the same practices were approved in that prior examination.

Requires that statutes providing taxpayer liability must not have changed since the most recent previous audit in a manner that would create the additional tax liability.

Makes identical protections applicable to sales tax audits, preventing liability for back taxes if a prior audit found the taxpayer properly collecting sales tax under the same circumstances.

Applies to both income tax (Section 27-7-51) and sales tax (Section 27-65-37) under Mississippi Code of 1972.

Takes effect January 1, 2012.