MS SB2786

Authorizes the Commissioner of Revenue to require wholesalers selling tobacco products and food/candy/nonalcoholic beverages to file monthly information reports with the Department of Revenue.

Requires reports to be filed electronically by the 20th day of the following month and include seller name, retailer identification, location, product type, quantity, and monthly sales totals.

Imposes penalties up to $1,000 per inaccurate report or up to $10,000 total per month for late or missing reports, with authority for the commissioner to waive penalties for good cause.

Prohibits the Department of Revenue from issuing assessments to retailers based solely on these reports without first sending an inquiry letter allowing the retailer to explain inconsistencies between purchases and reported sales.

Exempts wholesalers with annual sales of candy, food, or nonalcoholic beverages under $500,000 from reporting those product categories and makes all reports confidential tax information.