MS HB1691

Authorizes issuance of up to $3,500,000 in state general obligation bonds to fund road, highway, bridge and culvert improvements in Mississippi counties where oil is produced, with bonds expiring July 1, 2017.

Creates a $500 annual per-employee income tax credit for enterprises owning oil production facilities that create new full-time jobs (35+ hours weekly) in oil production, lasting two years and allowable for carryforward up to two additional years.

Establishes the "2013 Oil Producing Counties Road Improvements Fund" as a special fund managed by the State Treasurer, with unexpended amounts not lapsing and investment earnings deposited back into the fund.

Revises Section 27-25-505 to increase county shares of oil severance taxes above $600,000 in phases: 77% state/23% county (2014-15), 74% state/26% county (2015-16), 71% state/29% county (2016-17), 68% state/32% county (2017-18), then 66-2/3% state/33-1/3% county thereafter.

Effective date is July 1, 2013.