MS SB2487

Authorizes corporations with multistate income to use alternative apportionment methods if the standard method does not fairly represent business activity in Mississippi, with the burden of proof on the party requesting the alternative method.

Prohibits the Commissioner of Revenue from requiring combined tax returns for affiliated corporations until regulations are enacted establishing clear and convincing evidence standards for income-shifting determinations.

Reduces certain interest penalties from 1% to 1/2% per month under income tax, franchise tax, and sales tax laws and makes penalty imposition discretionary rather than mandatory.

Requires certified mail with return receipt requested (instead of regular mail) for tax assessment notices, with the response period beginning from the mailing or delivery date.

Expands Board of Tax Appeals jurisdiction, removes the bond requirement for appellants, provides for deemed denials if agencies fail to issue orders within specified timeframes (6 months for Board of Review, 9 months for Board of Tax Appeals), and allows de novo case review without deference to agency interpretations not in official regulations.