Adopted

AMENDMENT NO 1 TO COMMITTEE AMENDMENT NO 1 PROPOSED TO

Senate Bill No. 2853

BY: Representatives Zuber, Bentz

     AMEND after line 356 by inserting the new section and renumbering the succeeding section:

     "SECTION 6.   From and after July 1, 2004, the board of supervisors of a county shall reduce the ad valorem taxes levied by the county in an amount equal to one-half (1/2) of the county's share of the revenue derived from the oil and gas severance tax under Sections 27-25-505 and 27-25-705 as a result of off shore drilling on the Mississippi Gulf Coast.  From and after July 1, 2004, the governing authorities of a municipality shall reduce the ad valorem taxes levied by the municipality in an amount equal to one-half (1/2) of the municipality's share of the revenue derived from the oil and gas severance tax under Sections 27-25-505 and 27-25-705 as a result of off shore drilling on the Mississippi Gulf Coast."

     AMEND FURTHER, the title to conform on 13 after the semicolon by inserting the following:  "TO PROVIDE THAT THE BOARD OF SUPERVISORS OF A COUNTY SHALL TO REDUCE THE AD VALOREM TAXES LEVIED BY THE COUNTY IN AN AMOUNT EQUAL TO ONE-HALF (1/2) OF THE COUNTY'S SHARE OF THE REVENUE DERIVED FROM THE OIL AND GAS SEVERANCE TAX UNDER SECTIONS 27-25-505 AND 27-25-705 AS A RESULT OF OFF SHORE DRILLING ON THE MISSISSIPPI GULF COAST AND THE GOVERNING AUTHORITIES OF A MUNICIPALITY SHALL REDUCE THE AD VALOREM TAXES LEVIED BY THE MUNICIPALITY IN AN AMOUNT EQUAL TO ONE-HALF (1/2) OF THE MUNICIPALITY'S SHARE OF THE REVENUE DERIVED FROM THE OIL AND GAS SEVERANCE TAX UNDER SECTIONS 27-25-505 AND 27-25-705 AS A RESULT OF OFF SHORE DRILLING ON THE MISSISSIPPI GULF COAST.