HB 1647 Summary

• Phases out Mississippi state income tax over 14 years, eliminating it entirely for calendar year 2029 and thereafter, with rate reductions beginning in 2016 contingent on 3% General Fund revenue growth.

• Increases gasoline excise tax from 18¢ to 27¢ per gallon (and from 14.4¢ to 23.4¢ per gallon after a specified date).

• Increases aviation gasoline excise tax from 6.4¢ to 15.4¢ per gallon and special fuel (diesel) excise taxes from 18¢ to 27¢ per gallon.

• Increases compressed natural gas, liquefied natural gas, and other motor fuel taxes by approximately 50%, with rates adjusted by fuel type and measurement unit.

• Increases annual privilege tax on vehicles using compressed gas from $195 to $292.50 (and from $165 to $247.50 after a specified date).