MS SB2371

Removes the penalty for a second or subsequent offense of failing to file a withholding tax return on time or failing to pay withholding tax when there was no fraudulent intent under Section 27-7-345.

Removes the damages for a second or subsequent offense of negligence or failure to comply with sales tax law provisions when there was no intent to defraud under Section 27-65-39.

Maintains 10% penalty and 1% monthly interest for first-time failures to file or pay withholding taxes without fraudulent intent, and 50% penalty plus interest for fraudulent violations.

Maintains 10% damages or 1% monthly interest for sales tax negligence without fraud intent, and 50% damages plus interest for intentional disregard or fraudulent violations.

Takes effect July 1, 2012.