MS HB1258

Amends Section 27-51-105 to require that amounts in the Motor Vehicle Ad Valorem Tax Reduction Fund exceeding $10,000,000 be transferred in equal amounts to the State Aid Road Fund and the Local System Bridge Replacement and Rehabilitation Fund on or before July 1, 2014, and annually thereafter.

Maintains the Motor Vehicle Ad Valorem Tax Reduction Fund's existing purpose of compensating counties for reduced motor vehicle ad valorem tax revenues from ad valorem tax credits for private carriers of passengers and light carriers of property.

Preserves the State Tax Commission's authority to administer the fund and calculate annual tax credit amounts based on projected available funds, with a target surplus balance not exceeding 5% of projected annual distribution amounts.

Brings forward Section 27-51-103 (the ad valorem tax credit provision) for possible amendment without making substantive changes to the current credit structure.

Takes effect upon passage.