MS HB1364

Authorizes issuance of up to $2.5 billion in state revenue bonds for Mississippi Department of Transportation projects, with $2.3 billion for specific highway improvements, $100 million for municipalities road and bridge repairs, and $100 million for emergency road and bridge repairs.

Creates a "2021 Mississippi Road and Bridge Improvements Fund" and "2021 Municipalities Road and Bridge Fund" to disburse bond proceeds for 27 specified highway and bridge projects across the state, including work on Interstates 10, 20, and 55.

Temporarily increases gasoline excise tax by 5 cents per gallon (through June 30, 2022) and 10 cents per gallon (from July 1, 2022 onward), and diesel fuel excise tax by 7 cents per gallon (through June 30, 2022) and 14 cents per gallon (from July 1, 2022 onward), contingent on voter approval at special election on June 8, 2021.

Establishes automatic annual adjustments to excise tax rates beginning July 1, 2031, increasing or decreasing by the lesser of 1% or the previous calendar year's inflation rate as measured by the Consumer Price Index.

Revenue from temporary tax increases deposited into special bond sinking fund to pay debt service on issued bonds; temporary taxes end when bond obligations are fully funded as certified by the State Treasurer.