MS HB574

Increases the gasoline excise tax from 18¢ per gallon to 26¢ per gallon over four years: 20¢ (July 2021), 22¢ (July 2022), 24¢ (July 2023), and 26¢ (July 2024)

Increases the diesel fuel excise tax from 18¢ per gallon to 30¢ per gallon over four years: 21¢ (July 2021), 24¢ (July 2022), 27¢ (July 2023), and 30¢ (July 2024)

Phases out the 4% income tax rate on taxable income between $5,000 and $10,000 over four years: reduced to 3% (2022), 2% (2023), 1% (2024), and eliminated entirely by 2025

Removes gasoline and diesel fuel taxes from the list of taxes subject to automatic rate reduction upon completion of certain transportation infrastructure projects

Effective date of July 1, 2021