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MS HB1354
Bill
Status
2/4/2014
Primary Sponsor
Jeffrey Smith
Click for details
AI Summary
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Reduces interest rate assessments for underpayment and nonpayment of income tax from 1% to 1/2 of 1% per month under Mississippi Code Sections 27-7-51, 27-7-53, and 27-7-327.
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Reduces interest rate assessments for underpayment and nonpayment of franchise tax from 1% to 1/2 of 1% per month under Mississippi Code Sections 27-13-23 and 27-13-25.
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Reduces interest rate assessments for underpayment and nonpayment of sales tax from 1% to 1/2 of 1% per month under Mississippi Code Section 27-65-39.
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Applies to deficient or delinquent taxes due to negligence, failure to comply with tax law, intentional disregard, or fraud with intent to evade.
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Takes effect July 1, 2014.
Legislative Description
Taxation; revise rate of interest assessed on underpayment or nonpayment of income, withholding, franchise and sales taxes.
Last Action
Died In Committee
2/4/2014