MISSISSIPPI LEGISLATURE
2006 Regular Session
To: Ways and Means
By: Representative Moak
AN ACT TO AMEND SECTION 27-7-315, MISSISSIPPI CODE OF 1972, TO REDUCE THE PERIOD OF TIME FROM SIX MONTHS TO THREE MONTHS AFTER THE FINAL DATE FOR FILING RETURNS WITHIN WHICH THE STATE TAX COMMISSION MUST REFUND AN OVERPAYMENT OF INCOME TAX BEFORE A TAXPAYER MAY FILE A PETITION WITH THE CHAIRMAN OF THE STATE TAX COMMISSION FOR A HEARING ON THE CLAIM FOR REFUND; AND FOR RELATED PURPOSES.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MISSISSIPPI:
SECTION 1. Section 27-7-315, Mississippi Code of 1972, is amended as follows:
27-7-315. (1) If any overpayment of any tax, interest or penalty levied or provided for by Article 1 of this chapter, or in this article, is not refunded to the taxpayer as provided in Section 27-7-313 within three (3) months after the final date for filing returns as prescribed by law, the taxpayer may treat the failure to refund as a denial of a refund claim and appeal in the manner provided for in Section 27-77-5.
(2) If any overpayment of tax as reflected on a return or amended return filed, and verified by the commissioner or determined to be due by the commissioner or commission when no overpayment is shown on a return or amended return, is not refunded within ninety (90) days after the prescribed due date of the return, the date the return is filed, or the date the commissioner or commission determines a refund as being due when no overpayment is shown on a return or amended return, whichever is later, interest at the rate of one percent (1%) per month shall be allowed on the overpayment computed for the period after expiration of the ninety-day period provided in this subsection to the date of payment.
SECTION 2. This act shall take effect and be in force from and after July 1, 2006.