MS HB346

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

Requires the Department of Revenue to develop procedures for receiving and evaluating compromise offers, considering factors such as doubt about taxpayer liability, doubt about collectability, taxpayer insolvency risk, prior IRS compromises on similar federal taxes, and litigation costs.

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

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

Brings forward existing statutes (Sections 31-19-27 and 31-19-29) regarding compromise of doubtful claims by the Governor with concurrence from relevant local authorities; effective July 1, 2018.