MS SB2403

Extends the examination period for income and sales tax returns from three years to allow written agreements between the Commissioner of Revenue and taxpayers for additional time beyond the initial three-year deadline.

Permits the Commissioner and taxpayer to enter into multiple successive extension agreements, provided each new agreement is executed before the previous extension expires.

Applies extension agreements to income tax examinations under Section 27-7-49 and sales tax examinations under Section 27-65-42, allowing determination of tax liability, issuance of assessments, and filing of suits within the extended periods.

Extends the time period for taxpayers to apply for refunds or amend returns when examination extension agreements are in place.

Takes effect July 1, 2013.