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MS SB2843
Bill
AI Summary
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Phases out the requirement for employers and taxpayers with average monthly withholding, sales, or use tax liability of at least $50,000 to make advance payments on or before June 25 by July 1, 2024.
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Reduces the advance payment requirement in stages: 75% through June 30, 2021; 50% from July 1, 2021 through June 30, 2022; 25% from July 1, 2022 through June 30, 2023; and eliminates the requirement entirely from July 1, 2024 onward.
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Applies to withholding tax, sales tax, and use tax obligations under Mississippi Code sections 27-7-309, 27-65-33, and 27-67-17.
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Exempts federal agencies, state agencies, and political subdivisions from the advance payment requirements.
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Takes effect July 1, 2021.
Legislative Description
Tax; phase out June 25 deadline for taxpayers with average liability of at least $50,000 to remit 75% of June liability.
Last Action
Died In Conference
3/29/2021