Senate Bill 2445 Summary

• Requires the Mississippi Department of Revenue Commissioner 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.

• Authorizes the Commissioner to provide financial institutions with quarterly electronic files containing names and identifying information (social security numbers or federal tax identification numbers) of obligors, requiring responses within 30 days identifying matching accounts and balances.

• Establishes procedures for serving levies (Distress Warrants) on financial institutions to encumber or surrender obligor assets, with financial institutions limited to accounting for funds on deposit between levy service and answer submission.

• Grants financial institutions and their employees immunity from liability for disclosing information or surrendering assets in compliance with the act, and prohibits disclosure of obligor information except as authorized by the act.

• Amends sections 27-3-33, 27-3-73, 27-7-83, 27-13-57, 27-65-81, 81-5-55, 11-35-23, and 11-35-27 to authorize financial institution data sharing for tax collection purposes and modify garnishment procedures for banks; effective July 1, 2017.