HB 1324 Summary

• Requires the Commissioner of Revenue to develop and operate an automated data match system to identify and seize financial assets held by banks and financial institutions for persons with finally determined tax liabilities enrolled in the Uniform State Tax Lien Registry.

• Allows the Department of Revenue to provide financial institutions quarterly electronic inquiry files containing names and tax identification numbers of obligors; institutions have 30 days to match these against their records and report findings including account numbers and balances.

• Establishes procedures for serving a "levy" (distress warrant) on financial institutions with a 30-day response period; limits levies to 25 per day per institution and restricts financial institutions' liability for funds on deposit only between levy service and answer submission.

• Provides financial institutions immunity from liability for disclosing obligor information or surrendering assets in good faith compliance with the act; prohibits disclosure of department information to third parties except as authorized.

• Amends sections of Mississippi Code regarding tax confidentiality, garnishment procedures, and bank depositor privacy to accommodate the data match system and allow Department of Revenue information sharing with participating financial institutions.