Mississippi Early Payment Trigger Modification
- Sales Tax News
- May 25, 2012 | Susan McLain
Mississippi Senate Bill 2899 has been modified to make the following change effective July 1, 2013, instead of July 1, 2012:
Increase the average monthly sales tax liability that triggers prepayment of sales taxes from $20,000 to $50,000.00.
“A taxpayer required to collect sales taxes…and having an average monthly sales tax liability of at least Fifty Thousand Dollars ($50,000) for the preceding calendar year shall pay to the Department of Revenue on or before June 25, 2014, and on or before the twenty-fifth day of June of each succeeding year thereafter, an amount equal to at least seventy-five percent (75%) of such taxpayer’s estimated sales tax liability for the month of June of the current calendar year, or an amount equal to at least seventy-five percent (75%) of the taxpayer’s sales tax liability for the month of June of the preceding calendar year.”
The bill also modified references to the State Tax Commission to reflect Department of Revenue instead. Click here to read the bill as it now stands.