House Bill 1650 - Summary

• Revises Mississippi gasoline excise tax from 18 cents per gallon to 15 cents per gallon until a specified date in Section 65-39-35, then to 12 cents per gallon thereafter.

• Adds a variable tax on gasoline equal to 6% of average wholesale price (adjusted semi-annually on January 1 and July 1 beginning 2013), certified by the Commissioner of Revenue.

• Revises undyed diesel fuel excise tax from 18 cents per gallon to 15 cents per gallon until the date specified in Section 65-39-35, then to 12.3 cents per gallon thereafter, plus an additional variable tax of 6% of average wholesale diesel price (adjusted semi-annually).

• Maintains existing exemptions and refund provisions for government entities, volunteer fire departments, agricultural/maritime/industrial uses, and aviation purposes.

• Effective July 1, 2012.