MS HB1486

Authorizes the Commissioner of Revenue to develop procedures for receiving and considering offers to compromise and settle finally determined tax liabilities classified as "doubtful claims"

Defines a doubtful claim for tax purposes as a finally determined tax liability with a notice of tax lien enrolled in the Uniform State Tax Lien Registry where ordinary collection processes have been ineffective

Settlement agreements entered into by the Commissioner are binding and fully compromise the taxpayer's liabilities for taxes, interest, and penalties

Allows the Commissioner to reestablish all compromised liabilities without regard to statutes of limitations if the taxpayer misrepresented their financial condition or property, whether intentionally or not

Effective date of July 1, 2018