Bill Text: MS HB1153 | 2015 | Regular Session | Introduced

---

Bill Title: Oil and gas severance tax; reallocate to State Highway Fund.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Failed) 2015-02-03 - Died In Committee [HB1153 Detail]

Download: Mississippi-2015-HB1153-Introduced.html

---

MISSISSIPPI LEGISLATURE

2015 Regular Session

To: Energy; Ways and Means

By: Representative Johnson

House Bill 1153

AN ACT TO AMEND SECTION 27-25-506, MISSISSIPPI CODE OF 1972, TO REVISE THE DISTRIBUTION OF OIL SEVERANCE TAXES, OTHER THAN AMOUNTS CREDITED TO THE TRUST FUND CREATED IN SECTION 206A, MISSISSIPPI CONSTITUTION OF 1890, AND TO PHASE IN THE REVISION OVER A FOUR-YEAR PERIOD; TO PROVIDE THAT THE TOTAL AMOUNT OF SUCH REVENUES SHALL BE DEPOSITED IN THE STATE GENERAL FUND DURING THE FIRST YEAR; TO PROVIDE THAT SUCH REVENUES SHALL BE DEPOSITED IN PART IN THE STATE GENERAL FUND AND IN PART IN THE STATE HIGHWAY FUND DURING THE SECOND AND THIRD YEARS; TO PROVIDE THAT THE TOTAL AMOUNT OF SUCH REVENUES SHALL BE DEPOSITED IN THE STATE HIGHWAY FUND DURING THE FOURTH YEAR AND EACH YEAR THEREAFTER; AND FOR RELATED PURPOSES.

     BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MISSISSIPPI:

     SECTION 1.  Section 27-25-506, Mississippi Code of 1972, is amended as follows:

     27-25-506.  There is created a special fund in the State Treasury into which the state's share of proceeds collected under Sections 27-25-505 and 27-25-705 shall be deposited.

     The state's share of all oil and gas severance taxes derived from oil and gas resources under state-owned lands or from severed state-owned minerals shall be deposited into the State Treasury to the credit of the trust fund created in Section 206A, Mississippi Constitution of 1890.  The following amounts of the remainder of tax collections apportioned to the state shall be deposited to the credit of the trust fund created in Section 206A, Mississippi Constitution of 1890:

          (a)  For fiscal year 1994, all amounts collected in excess of Thirty-five Million Dollars ($35,000,000.00);

          (b)  For fiscal year 1995, all amounts collected in excess of Thirty-two Million Five Hundred Thousand Dollars ($32,500,000.00);

          (c)  For fiscal year 1996, all amounts collected in excess of Thirty Million Dollars ($30,000,000.00);

          (d)  For fiscal year 1997, all amounts collected in excess of Twenty-seven Million Five Hundred Thousand Dollars ($27,500,000.00);

          (e)  For fiscal year 1998, all amounts collected in excess of Twenty-five Million Dollars ($25,000,000.00);

          (f)  For fiscal year 1999, all amounts collected in excess of Twenty Million Dollars ($20,000,000.00);

          (g)  For fiscal year 2000, all amounts collected in excess of Fifteen Million Dollars ($15,000,000.00);

          (h)  For fiscal year 2001 through December 31, 2000, all amounts collected and transferred in excess of Ten Million Dollars ($10,000,000.00); and

          (i)  For fiscal year 2005, all amounts collected in excess of Ten Million Dollars ($10,000,000.00).

     The monies collected under paragraphs (a) through (i) of this section that are not deposited into the trust fund shall be deposited into the State General Fund.  For fiscal year 2005, the monies not deposited into the State General Fund shall be deposited into the Budget Contingency Fund created in Section 27-103-301.  For fiscal year 2006 * * * and each fiscal year thereafterthrough fiscal year 2015, all amounts collected from the remainder of tax collections apportioned to the state shall be deposited into the State General Fund.  After fiscal year 2015 all amounts from the remainder of tax collections apportioned to the state shall be deposited as follows:

          (a)  For fiscal year 2016, the entire amount collected shall be deposited in the State General Fund.

          (b)  For fiscal year 2017, one-third (1/3) of the amount collected shall be deposited in the State Highway Fund,  and two-thirds (2/3) of the amount collected shall be deposited in the State General Fund.

          (c)  For fiscal year 2018, two-thirds (2/3) of the amount collected shall be deposited in the State Highway Fund, and one-third (1/3) of the amount collected shall be deposited in the State General Fund.

          (d)  For fiscal year 2019, and each fiscal year thereafter, the entire amount collected shall be deposited in the State Highway Fund.

     SECTION 2.  This act shall take effect and be in force from and after July 1, 2015.

---