Mississippi Legislature Passes Bills That Should Provide Greater Certainty To Businesses

The Mississippi Legislature recently passed two bills that should provide greater certainty to businesses and spur economic development in the Magnolia State. House Bill 892, signed into law by Governor Phil Bryant on March 27, imposes a limitation on the amount of time that the Mississippi Department of Revenue can take to audit a taxpayer for income, franchise, or sales and use tax liability. House Bill 844, passed unanimously by the Mississippi Senate on March 31 and currently awaiting Governor Bryant’s signature, would exempt manufacturers from the sales tax on energy used for industrial purposes.