One Mississippi lawmaker is facing federal criminal charges for allegedly submitting false tax information and evading paying federal income taxes five years ago.
According to court documents, Representative Earle Banks, D-Jackson, reported that his adjusted gross income was $38,237 on his federal tax returns in August of 2018, while simultaneously receiving over $500,000 in profits from real estate sales.
“Mr. Banks made a mistake on his tax return in 2018 and failed to include a capital gain,” Banks’ attorney, Rob McDuff, said in a statement. “We have cooperated with the IRS and the U.S. Attorney’s Office as they have looked into this matter, and we will continue that cooperation in moving toward a final resolution.”
Banks, who has been in the House of Representatives for three decades, was released on a $10,000 bond and is scheduled to appear in court for a change of plea hearing next week.
If found guilty, Banks could face up to three years in prison, a fine of $250,000, and one year of supervised release for his charges.