Adopted

COMMITTEE AMENDMENT NO 1 PROPOSED TO

Senate Bill No. 2678

BY: Committee

     Amend by striking all after the enacting clause and inserting in lieu thereof the following:

 

     SECTION 1.  Section 27-25-506, Mississippi Code of 1972, is amended as follows:

     27-25-506.  (1)  There is * * * created a special fund in the State Treasury into which the state's share of proceeds collected under Sections 27-25-505 and 27-25-705 shall be deposited.

     The state's share of all oil and gas severance taxes derived from oil and gas resources under state-owned lands or from severed state-owned minerals shall be deposited into the State Treasury to the credit of the trust fund created in Section 206A, Mississippi Constitution of 1890.  The following amounts of the remainder of tax collections apportioned to the state shall be deposited to the credit of the trust fund created in Section 206A, Mississippi Constitution of 1890:

          (a)  For fiscal year 1994, all amounts collected in excess of Thirty-five Million Dollars ($35,000,000.00);

          (b)  For fiscal year 1995, all amounts collected in excess of Thirty-two Million Five Hundred Thousand Dollars ($32,500,000.00);

          (c)  For fiscal year 1996, all amounts collected in excess of Thirty Million Dollars ($30,000,000.00);

          (d)  For fiscal year 1997, all amounts collected in excess of Twenty-seven Million Five Hundred Thousand Dollars ($27,500,000.00);

          (e)  For fiscal year 1998, all amounts collected in excess of Twenty-five Million Dollars ($25,000,000.00);

          (f)  For fiscal year 1999, all amounts collected in excess of Twenty Million Dollars ($20,000,000.00);

          (g)  For fiscal year 2000, all amounts collected in excess of Fifteen Million Dollars ($15,000,000.00); and

          (h)  For fiscal year 2001 through December 31, 2000, all amounts collected and transferred in excess of Ten Million Dollars ($10,000,000.00).

 * * *

     (2)  The monies collected under paragraphs (a) through (h) of subsection (1) of this section that are not deposited into the trust fund shall be deposited into the State General Fund.

     The remainder of the tax collections apportioned to the state under subsection (1) of this section for the period beginning after December 31, 2000, through the end of fiscal year 2004 shall be deposited into the Budget Contingency Fund created in Section 27-103-301.  For fiscal year 2005 and each fiscal year thereafter, all amounts collected from the remainder of tax collections apportioned to the state that do not exceed Ten Million Dollars ($10,000,000.00) shall be deposited into the State General Fund, and all amounts collected from the remainder of tax collections apportioned to the state that exceed Ten Million Dollars ($10,000,000.00) shall be deposited into the Budget Contingency Fund.

     All monies deposited into the Budget Contingency Fund under this subsection shall be appropriated by the Legislature for the support of * * * the Mississippi Adequate Education Program * * *.

     SECTION 2.  This act shall take effect and be in force from and after July 1, 2004.

     Further, amend by striking the title in its entirety and inserting in lieu thereof the following:

 

     AN ACT TO AMEND SECTION 27-25-506, MISSISSIPPI CODE OF 1972, TO PROVIDE THAT BEGINNING WITH FISCAL YEAR 2005, ALL AMOUNTS COLLECTED FROM CERTAIN TAX COLLECTIONS APPORTIONED TO THE STATE FROM OIL AND GAS SEVERANCE TAXES THAT DO NOT EXCEED TEN MILLION DOLLARS SHALL BE DEPOSITED INTO THE STATE GENERAL FUND, AND ALL AMOUNTS COLLECTED THAT EXCEED TEN MILLION DOLLARS SHALL BE DEPOSITED INTO THE BUDGET CONTINGENCY FUND; AND FOR RELATED PURPOSES.

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