House Bill 1369 Summary

• Requires the Department of Revenue to develop and implement a tax amnesty program running from September 1, 2014 through December 31, 2014, covering all taxes owed for tax years 2009 and after.

• Makes tax amnesty available to individuals and corporations who failed to pay taxes, file returns, or filed inaccurate returns, with all civil and criminal penalties waived upon full payment during the amnesty period.

• Excludes from amnesty eligibility taxpayers subject to tax-related criminal investigations or prosecutions, those with previously assessed taxes, and estimated income tax payments.

• Establishes felony penalties of up to $100,000 fine and five years imprisonment for individuals (or $500,000 for corporations) who fail to pay taxes during amnesty or willfully attempt to evade taxes.

• Brings forward multiple sections of Mississippi tax code governing interest and penalty assessments for income taxes, corporation franchise taxes, sales taxes, tobacco taxes, and light wine and beer taxes.