MS HB1207

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

Adds a variable 6% excise tax on the average wholesale price of gasoline, recalculated twice yearly on January 1 and July 1, in addition to the per-gallon tax.

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

Brings forward existing exemptions and refund provisions for gasoline and special fuel taxes for potential amendment, including exemptions for government entities and refunds for agricultural, maritime, industrial, and nonhighway uses.

Effective July 1, 2020.