MS HB1636

Adds carbon dioxide to the definition of "gas" subject to the 6% gas severance tax in Mississippi, removing the previous exclusion of carbon dioxide.

Eliminates the exemption for gas lawfully injected into the earth for cycling, repressuring, lifting, or enhancing oil recovery, making such gas subject to severance tax.

Authorizes a credit against the 6% oil severance tax on oil produced through enhanced oil recovery using carbon dioxide, with the credit amount equal to gas severance tax paid on the carbon dioxide used in production.

Applies retroactively to oil severance tax provisions by bringing forward Section 27-25-501 to define terms applicable to oil taxation, referencing the same well definitions used in gas tax law.

Takes effect July 1, 2015.