MS HB859

Reduces interest rates on unpaid taxes from one percent (1%) per month to one-half of one percent (1/2 of 1%) per month across multiple tax types including insurance premium tax, mineral documentary tax, sales tax, use tax, cigarette tax, and beer tax.

Reduces interest rate on delayed ad valorem tax collection from twelve percent (12%) per annum to six percent (6%) per annum.

Reduces interest rate on cigarette and tobacco tax violations from twelve percent (12%) per annum to six percent (6%) per annum.

Applies standardized interest rate changes to nine different sections of Mississippi tax code to ensure consistency across tax administration.

Takes effect July 1, 2020.