MS HB411

Authorizes the Mississippi Department of Revenue to enter into binding settlement and closing agreements with taxpayers to compromise and settle tax liabilities, including assessed interest and penalties

Requires the Department to consider specific factors when evaluating offers in compromise: doubt about liability, doubt about collectability, whether payment would render the taxpayer insolvent, whether the IRS has accepted a similar compromise, and costs of litigation

For interest and penalty compromises, the Department must also consider whether the taxpayer's failure to pay resulted from a good faith mistake of fact or law

Settlement agreements signed by the Commissioner of Revenue and taxpayer are final and conclusive, with neither party able to pursue additional collection or recovery except in cases of fraud or material misrepresentation

Effective date of July 1, 2016