MS HB586

Reduces gasoline excise tax from 18 cents to 15 cents per gallon until a date specified in Section 65-39-35, then to 12 cents per gallon thereafter.

Adds a variable 6% tax on the average wholesale price of gasoline, recalculated twice yearly on January 1 and July 1, certified by the Commissioner of Revenue.

Reduces special fuel (diesel) excise tax on undyed diesel fuel from 18 cents to 15 cents per gallon until the specified date, then to 12.3 cents per gallon thereafter, with an additional variable 6% tax on average wholesale price.

Brings forward existing exemption and refund provisions for gasoline and special fuel taxes for government entities, volunteer fire departments, and certain non-highway uses without substantive changes.

Takes effect July 1, 2019.