Mississippi residents will be required to file their state income tax before the Federal tax filing deadline.
The federal government moved the date from April 15 to July 15 last week.
Saying Mississippi is unable to follow the Federal July 15 income tax extension due to the $550,000,000 impact it would have on the state budget, the Mississippi Department of Revenue will extend the April 15 tax filing deadline to May 15.
Moving the deadline to July 15 would shift the tax receipts from the current fiscal year to the next fiscal year, as Mississippi’s budget year begins annually on July 1.
In a release issued Monday evening, MDOR says the decision was made in consultation with Governor Tate Reeves and our legislative leadership to provide relief to individual and business taxpayers due to the COVID-19 pandemic.
“The deadline to file and pay the 2019 individual income tax and corporate income tax is extended until May 15, 2020,” the releases states. “The first quarter 2020 estimated tax payment is also extended until May 15, 2020. Penalty and interest will not accrue on the extension period through May 15, 2020.”
MDOR is extending withholding tax payments for the month of April until May 15, 2020, as well.
However, the extension does not apply to Sales Tax, Use Tax, or any other tax types.
“These returns should be filed and paid on the normal due date. The extension also does not apply to payments on prior liabilities,” MDOR says. “However, the Department will consider an extension of time to file and pay on a case-by-case basis. These requests should be directed to our customer service line at 601-923-7700.”