MS HB198

Amends Section 27-25-505 of Mississippi Code 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 state and 33-1/3% to county.

On amounts exceeding $600,000, gradually shifts revenue to counties through June 30, 2019, beginning at 80% state/20% county (July 1, 1990) and declining to 68% state/32% county (July 1, 2018), then stabilizing at 66-2/3% state/33-1/3% county thereafter.

Requires county boards of supervisors to allocate received funds to municipalities and various maintenance, bond and interest funds, school districts, and road districts.

Takes effect July 1, 2014, with separate provisions for counties exempt from and counties required to operate under statewide road administration systems.