MS HB1115

Department of Revenue authorized to enter into compromise and settlement agreements with taxpayers for tax liabilities, including interest and penalties, for proposed assessments, final assessments, filed returns, judgments, and other tax liabilities.

Department must develop procedures for receiving and considering settlement offers, taking into account: controversy or doubt about liability or collectability, taxpayer insolvency concerns, whether taxpayer has compromised similar federal taxes with the IRS, and costs of litigation or administrative proceedings.

Closing or settlement agreements signed by the Commissioner of Revenue become final and conclusive, preventing additional assessments or judicial recovery by the taxpayer except upon showing of fraud or misrepresentation of material fact.

Department authorized to promulgate rules and regulations under the Mississippi Administrative Procedures Law to implement the compromise and settlement authority.

Sections 31-19-27 and 31-19-29 regarding compromise of doubtful claims are brought forward; effective July 1, 2015.