MS HB265

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

Adds a variable excise tax on gasoline equal to 6% of average wholesale price (recalculated twice yearly on January 1 and July 1), certified by the Commissioner of Revenue.

Reduces special fuel excise tax on undyed diesel fuel from 18 cents to 15 cents per gallon until the specified date, then to 12.3 cents per gallon thereafter, plus an additional variable tax of 6% of average wholesale diesel price.

Brings forward existing exemptions and refund provisions for gasoline and special fuel taxes under Sections 27-55-12, 27-55-19, 27-55-23, 27-55-521, 27-55-523, and 27-55-533 without substantive changes.

Takes effect July 1, 2013.