MS HB1161

Amends Section 27-51-105 to require that any 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, effective July 1, 2015 and annually thereafter.

Establishes July 1 as the annual deadline for transferring excess funds from the Motor Vehicle Ad Valorem Tax Reduction Fund to road and bridge improvement programs.

Brings forward Section 27-51-103 (which provides ad valorem tax credits for private carriers of passengers and light carriers of property) for possible amendment.

Maintains the State Tax Commission's administration of the Motor Vehicle Ad Valorem Tax Reduction Fund and preserves provisions allowing unexpended amounts to carry forward rather than lapse into the General Fund.

Takes effect upon passage.