MS HB1630

Amends Mississippi Code sections 27-70-3 and 27-70-5 to exempt cigarettes and tobacco sold by subsequent participating manufacturers from the tobacco equity tax until a credit amendment to the master settlement agreement becomes effective.

Defines "credit amendment" as an amendment to the master settlement agreement that provides tax credits to subsequent participating manufacturers, requiring agreement from settling states with 99.937049% of aggregate allocable shares, original participating manufacturers, and subsequent manufacturers with greater than 3.5% market share.

Defines "master settlement agreement" as the settlement agreement entered into on November 23, 1998, by 46 states and tobacco manufacturers, as amended through the bill's effective date.

Maintains the existing tobacco equity tax of $0.0135 per cigarette on all other cigarettes, with annual increases of the greater of 3% or the Consumer Price Index increase.

Takes effect July 1, 2012.