MS HB1350

Extends the repeal date of reduced severance tax rates on oil and natural gas produced from horizontally drilled wells and horizontally drilled recompletion wells from July 1, 2018 to July 1, 2023

Maintains the 1.3% tax rate (instead of standard 6%) on oil and gas from horizontally drilled wells for 30 months after first sale or until well cost payout is achieved, whichever occurs first

Applies extended rate to wells that commence production before July 1, 2023, and allows them to continue receiving the reduced rate for the full 30-month period even after the July 1, 2023 repeal date takes effect

Requires operators to apply to the State Oil and Gas Board for the reduced rate and submit semiannual affidavits documenting payout status

Amends Mississippi Code sections 27-25-503 (oil severance taxes) and 27-25-703 (natural gas severance taxes)