MS HB1285

Allows taxpayers to receive a 2% discount on taxes collected under local and private laws of Mississippi when they comply fully with applicable law, file returns, and pay taxes by the twentieth of the month following the period covered.

Limits the compensation discount to $50 per month or $600 per calendar year per business location, and excludes taxes collected by county officials or state agencies.

Increases the threshold for advance June tax payments from $20,000 to $50,000 in average monthly sales tax liability, effective July 1, 2013, and allows exclusion of unpaid credit sales from the June 20 calculation date.

Permits reassessment and collection of any discounts taken if an audit reveals a tax deficiency for that filing period.

Takes effect upon passage.