MS HB1454

Establishes a tax recovery program administered by the Department of Revenue from September 1, 2013, through December 31, 2013, for taxes owed from 2008 and later.

Waives all civil and criminal penalties for eligible individuals and corporations who pay taxes owed during the recovery period, including taxes owed due to nonpayment, failure to file, or filing inaccurate returns.

Excludes from the program individuals and corporations subject to tax-related criminal investigations or prosecution, those with previously assessed taxes, and estimated income tax payments.

Establishes felony penalties of up to $100,000 in fines for individuals (or $500,000 for corporations) and up to five years imprisonment for those who attempt to evade taxes or fail to pay during the recovery period.

Extends the statute of limitations for tax evasion prosecutions to six years after the statutory due date of the taxes in question.