MISSISSIPPI LEGISLATURE
2020 Regular Session
To: Finance
By: Senator(s) Harkins
AN ACT TO AMEND SECTION 27-35-305, MISSISSIPPI CODE OF 1972, TO REVISE THE PENALTY FOR FAILURE OF A COMPANY, CORPORATION, FIRM OR PERSON TO RENDER SCHEDULES OF PROPERTY TO THE DEPARTMENT OF REVENUE FOR ASSESSMENT FOR TAXATION AS REQUIRED BY LAW; AND FOR RELATED PURPOSES.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MISSISSIPPI:
SECTION 1. Section 27-35-305, Mississippi Code of 1972, is amended as follows:
27-35-305. If any company,
corporation, firm or person, who is required by law to render schedules of its,
their or his property to the * * * Department of Revenue,
as provided by Section 27-35-303, Mississippi Code of 1972, for the purposes of
assessment for taxation, shall fail, refuse or neglect to render the schedules,
as required, such company, corporation, firm or person shall pay a penalty * * * in the amount of ten percent (10%)
of the assessment as computed by the * * * Department of Revenue,
and in case of such failure, refusal or neglect, the * * * Department of Revenue shall
make out such schedules from the best information obtainable.
SECTION 2. This act shall take effect and be in force from and after July 1, 2020.