SALT Report 2287 – The Mississippi Governor signed a Bill that authorizes taxpayers who collect, report, and pay local taxes to the Department of Revenue to keep a portion of the amount collected and reported. Specifically, the Bill states that as compensation to taxpayers who collect any tax imposed under the authority of a local or private Mississippi law that is collected and paid to the Department of Revenue in the same manner in which state sales taxes are collected and paid, may discount and retain 2% of the liability on each return.
However, the 2% taxpayer compensation is subject to the following conditions:
- The compensation or discount does not apply to taxes collected by a county official or state agency
- The compensation or discount cannot exceed $50.00 per month, or $600.00 per calendar year, per business location on each return, and
- The compensation or discount allowed and taken for any filing period may be reassessed and collected if an audit of a taxpayer’s records reveals a tax deficiency for that period
House Bill 1285 was effective March 20, 2013.
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