MS HB427

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

Requires the Department of Revenue to develop procedures for receiving and considering compromise offers, taking into account factors such as doubt about taxpayer liability, collectability concerns, potential insolvency, prior IRS compromises, and litigation costs.

Makes closing agreements or settlement agreements signed by the Commissioner of Revenue final and conclusive, preventing additional assessments or judicial proceedings except in cases of fraud or material misrepresentation.

Empowers the Department of Revenue to promulgate rules and regulations necessary to implement the compromise and settlement authority under the Mississippi Administrative Procedures Law.

Brings forward existing Mississippi Code sections 31-19-27 and 31-19-29 regarding compromise of doubtful claims by the Governor; effective July 1, 2017.