MS HB1420

Amends Section 27-25-505 to revise the distribution of oil severance taxes between the state and counties where oil is produced.

On the first $600,000 in collections, maintains 66-2/3% to the state and 33-1/3% to the county.

For amounts exceeding $600,000, implements a gradual shift toward counties: 80% state/20% county through June 30, 2014, then decreasing state share by 3% annually until reaching 66-2/3% state/33-1/3% county by July 1, 2018.

Removes the previous tier for amounts exceeding $1.2 million and consolidates into a single graduated distribution schedule.

Takes effect July 1, 2013, with separate provisions for counties operating under the countywide road administration system described in Section 19-2-3.