MISSISSIPPI LEGISLATURE
2020 Regular Session
To: Finance
By: Senator(s) Simmons (13th), Chassaniol
AN ACT TO LEVY A 0.4% TAX ON HOTELS AND MOTELS, THE PROCEEDS OF WHICH ARE TO BE DEPOSITED IN THE STATE TREASURY TO THE CREDIT OF THE STATE HIGHWAY FUND; TO AMEND SECTIONS 27-55-11, 27-55-519 AND 27-55-521, MISSISSIPPI CODE OF 1972, TO INCREASE THE RATE OF THE EXCISE TAX ON GASOLINE, UNDYED DIESEL FUEL AND CERTAIN OTHER SPECIAL FUELS BY 12¢ PER GALLON; TO AMEND SECTION 27-115-51, MISSISSIPPI CODE OF 1972, TO CREATE THE PUBLIC EDUCATION FUND TO REPLACE THE LOTTERY PROCEEDS FUND, AND TO TRANSFER ALL MONIES IN THE LOTTERY PROCEEDS FUND INTO THE PUBLIC EDUCATION FUND; TO AMEND SECTIONS 27-19-21 AND 27-19-23, MISSISSIPPI CODE OF 1972, TO INCREASE THE ANNUAL TAX ON ELECTRIC AND HYBRID VEHICLES; TO AMEND SECTIONS 27-5-101, 27-55-12, 27-55-523, 65-39-35 AND 27-115-85, MISSISSIPPI CODE OF 1972, IN CONFORMITY TO THE ABOVE; AND FOR RELATED PURPOSES.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MISSISSIPPI:
SECTION 1. (1) There is hereby levied a tax, which shall be in addition to all of the taxes and assessments imposed, upon every person, firm or corporation operating a hotel or motel in the state, at a rate of four tenths of one percent (0.4%) of the gross proceeds of room rentals for each such hotel or motel. For purposes of this section, the term "hotel" or "motel" shall have the meaning ascribed in Section 27-65-23.1.
(2) The proceeds of the tax levied in this section shall be deposited in the State Treasury to the credit of the State Highway Fund.
SECTION 2. Section 27-55-11, Mississippi Code of 1972, is amended as follows:
27-55-11. Any person in
business as a distributor of gasoline or who acts as a distributor of gasoline,
as defined in this article, shall pay for the privilege of engaging in such
business or acting as such distributor an excise tax equal to * * * Thirty Cents (30¢)
per gallon until the date specified in Section 65-39-35, and * * * Twenty-six
and Four-tenths Cents (26.4¢) per gallon thereafter, on all gasoline and
blend stock stored, sold, distributed, manufactured, refined, distilled,
blended or compounded in this state or received in this state for sale, use on
the highways, storage, distribution, or for any purpose.
Any person in business as a distributor of aviation gasoline, or who acts as a distributor of aviation gasoline, shall pay for the privilege of engaging in such business or acting as such distributor an excise tax equal to Six and Four-tenths Cents (6.4¢) per gallon on all aviation gasoline stored, sold, distributed, manufactured, refined, distilled, blended or compounded in this state or received in this state for sale, storage, distribution or for any purpose.
The excise taxes collected under this section shall be paid and distributed in accordance with Section 27-5-101.
The tax herein imposed and
assessed shall be collected and paid to the State of Mississippi but once in
respect to any gasoline. The basis for determining the tax liability shall be
the correct invoiced gallons, adjusted to sixty (60) degrees Fahrenheit at the
refinery or point of origin of shipment when such shipment is made by tank car
or by motor carrier. The point of origin of shipment of gasoline transported
into this state by pipelines shall be deemed to be that point in this state where
such gasoline is withdrawn from the pipeline for storage or distribution, and
adjustment to sixty (60) degrees Fahrenheit shall there be made. The basis for
determining the tax liability on gasoline shipped into this state in barge
cargoes and by pipeline shall be the actual number of gallons adjusted to sixty
(60) degrees Fahrenheit unloaded into storage tanks or other containers in this
state, such gallonage to be determined by measurement and/or gauge of storage
tank or tanks or by any other method authorized by the * * * department. The tank or
tanks into which barge cargoes of gasoline are discharged, or into which
gasoline transported by pipeline is discharged, shall have correct gauge tables
listing capacity, such gauge tables to be prepared by some recognized
calibrating agency and to be approved by the * * * department.
The tax levied herein shall
accrue at the time gasoline is withdrawn from a refinery in this state except
when withdrawal is by pipeline, barge, ship or vessel. The refiner shall pay
to the * * *
department the tax levied herein when gasoline is sold or delivered to
persons who do not hold gasoline distributor permits. The refiner shall report
to the * * *
department all sales and deliveries of gasoline to bonded distributors
of gasoline. The bonded distributor of gasoline who purchases, receives or
acquires gasoline from a refinery in this state shall report such gasoline and
pay the tax levied herein.
Gasoline imported by common carrier shall be deemed to be received by the distributor of gasoline, and the tax levied herein shall accrue, when the car or tank truck containing such gasoline is unloaded by the carrier.
With respect to distributors or other persons who bring, ship, have transported, or have brought into this state gasoline by means other than through a common carrier, the tax accrues and the tax liability attaches on the distributor or other person for each gallon of gasoline brought into the state at the time when and at the point where such gasoline is brought into the state.
The tax levied herein shall
accrue on blend stock at the time it is blended with gasoline. The blender
shall pay to the * * * department the tax levied herein when blend stock
is sold or delivered to persons who do not hold gasoline distributor permits.
The blender shall report to the * * * department all sales and
deliveries of blend stock to bonded distributors of gasoline. The bonded
distributor of gasoline who purchases, receives or acquires blend stock from a
blender in this state shall report blend stock and pay the tax levied herein.
SECTION 3. Section 27-55-519, Mississippi Code of 1972, is amended as follows:
27-55-519. (1) Any person engaged in business as a distributor of special fuel or who acts as a distributor of special fuel, as defined in this article, shall pay for the privilege of engaging in such business or acting as such distributor an excise tax on all special fuel stored, used, sold, distributed, manufactured, refined, distilled, blended or compounded in this state or received in this state for sale, storage, distribution or for any purpose, adjusted to sixty (60) degrees Fahrenheit.
The excise tax shall become due and payable when:
(a) Special fuel is withdrawn from storage at a refinery, marine or pipeline terminal, except when withdrawal is by barge or pipeline.
(b) Special fuel imported by a common carrier is unloaded by that carrier unless the special fuel is unloaded directly into the storage tanks of a refinery, marine or pipeline terminal.
(c) Special fuel imported by any person other than a common carrier enters the State of Mississippi unless the special fuel is unloaded directly into the storage tanks of a refinery, marine or pipeline terminal.
(d) Special fuel is blended in this state unless such blending occurs in a refinery, marine or pipeline terminal.
(e) Special fuel is acquired tax free.
(2) The special fuel excise tax shall be as follows:
(a) * * *
Thirty
Cents (30¢) per gallon on undyed diesel fuel until the date specified in
Section 65-39-35 and * * * Twenty-six and
Three-fourths Cents (26.75¢) per gallon thereafter;
(b) Five and Three-fourths Cents (5.75¢) per gallon on all special fuel except undyed diesel fuel and special fuel used as fuels in aircraft; and
(c) Five and One-fourth Cents (5.25¢) per gallon on special fuel used as fuel in aircraft.
SECTION 4. Section 27-55-521, Mississippi Code of 1972, is amended as follows:
27-55-521. (1) An excise
tax at the rate of * * * Thirty Cents (30¢) per gallon until the
date specified in Section 65-39-35, Mississippi Code of 1972, and * * *
Twenty-six and Three-fourths Cents (26.75¢) per gallon thereafter is
levied on any person engaged in business as a distributor of special fuel or
who acts as such who sells:
(a) Special fuel for use in performing contracts for construction, reconstruction, maintenance or repairs, where such contracts are entered into with the State of Mississippi, any political subdivision of the State of Mississippi, or any department, agency, institution of the State of Mississippi or any political subdivision thereof.
(b) Dyed diesel fuel or kerosene to a state or local governmental entity for use on the highways in a motor vehicle.
(c) Special fuel for use on the highway.
(2) An excise tax at the
rate of * * * Thirty Cents (30¢) per gallon until the date
specified in Section 65-39-35, Mississippi Code of 1972, and * * *
Twenty-six and Three-fourths Cents (26.75¢) per gallon thereafter is
levied on any person who:
(a) Uses dyed diesel fuel or kerosene in a motor vehicle on the highways of this state in violation of Section 27-55-539.
(b) Purchases or acquires undyed diesel fuel or kerosene for nonhighway use and subsequently uses such diesel fuel or kerosene in a motor vehicle on the highways of this state.
(c) Purchases or acquires special fuel for use in performing contracts as specified in this section.
SECTION 5. Section 27-5-101, Mississippi Code of 1972, is amended as follows:
[With regard to any county which is exempt from the provisions of Section 19-2-3, this section shall read as follows:]
27-5-101. Unless otherwise
provided in this section, on or before the fifteenth day of each month, all
gasoline, diesel fuel or kerosene taxes which are levied under the laws of this
state and collected during the previous month shall be paid and apportioned by
the * * * Department of Revenue as follows:
(a) (i) Except as
otherwise provided in Section 31-17-127, from the gross amount of gasoline,
diesel fuel or kerosene taxes produced by the state, there shall be deducted an
amount equal to one-sixth (1/6) of principal and interest certified by the
State Treasurer to the * * * Department of Revenue to be due on the
next semiannual bond and interest payment date, as required under the
provisions of Chapter 130, Laws of 1938, and subsequent acts authorizing the
issuance of bonds payable from gasoline, diesel fuel or kerosene tax revenue on
a parity with the bonds issued under authority of said Chapter 130. The State
Treasurer shall certify to the * * * Department of Revenue
on or before the fifteenth day of each month the amount to be paid to the
"Highway Bonds Sinking Fund" as provided by said Chapter 130, Laws of
1938, and subsequent acts authorizing the issuance of bonds payable from
gasoline, diesel fuel or kerosene tax revenue, on a parity with the bonds
issued under authority of said Chapter 130; and the * * * Department of Revenue
shall, on or before the twenty-fifth day of each month, pay into the State
Treasury for credit to the "Highway Bonds Sinking Fund" the amount so
certified to him by the State Treasurer due to be paid into such fund each
month. The payments to the "Highway Bonds Sinking Fund" shall be
made out of gross gasoline, diesel fuel or kerosene tax collections before
deductions of any nature are considered; however, such payments shall be
deducted from the allocation to the Mississippi Department of Transportation
under paragraph (c) of this section.
(ii) From
collections derived from the portion of the gasoline excise tax that exceeds
Seven Cents (7¢) per gallon, from the portion of the tax on aviation gas under
Section 27-55-11 that exceeds Six and Four-tenths Cents (6.4¢) per gallon, from
the portion of the undyed diesel fuel tax levied under Section 27-55-519 and
the special fuel tax levied under * * * Section
27-55-521 * * * that exceeds Ten Cents (10¢) per
gallon, from the portion of the taxes levied under Section 27-55-519, at Five
and Three-fourths Cents (5.75¢) per gallon that exceeds One Cent (1¢) per
gallon on special fuel and Five and One-fourth Cents (5.25¢) per gallon on
special fuel used as aircraft fuel, from the portion of the excise tax on
compressed gas used as a motor fuel that exceeds the rate of tax in effect on
June 30, 1987, and from the portion of the gasoline excise tax in excess of
Seven Cents (7¢) per gallon and the diesel excise tax in excess of Ten Cents
(10¢) per gallon under Section 27-61-5 there shall be deducted:
1. An amount as provided in Section 27-65-75(4) to the credit of a special fund designated as the "Office of State Aid Road Construction."
2. An amount equal to the tax collections derived from Two Cents (2¢) per gallon of the gasoline excise tax for distribution to the State Highway Fund to be used exclusively for the construction, reconstruction and maintenance of highways of the State of Mississippi or the payment of interest and principal on bonds when specifically authorized by the Legislature for that purpose.
3. The balance shall be deposited in the State Treasury to the credit of the State Highway Fund.
(b) Subject to the
provisions that said basis of distribution shall in nowise affect adversely the
amount specifically pledged in paragraph (a) of this section to be paid into
the "Highway Bonds Sinking Fund," the following shall be deducted
from the amount produced by the state tax on gasoline, diesel fuel or kerosene
tax collections, excluding collections derived from the portion of the gasoline
excise tax that exceeds Seven Cents (7¢) per gallon, from the portion of the
tax on aviation gas under Section 27-55-11 that exceeds Six and Four-tenths
Cents (6.4¢) per gallon, from the portion of the undyed diesel fuel tax
levied under Section 27-55-519 and the special fuel tax levied under * * * Section
27-55-521 * * * that exceeds Ten Cents (10¢) per
gallon, from the portion of the taxes levied under Section 27-55-519, at Five
and Three-fourths Cents (5.75¢) per gallon that exceeds One Cent (1¢) per
gallon on special fuel and Five and One-fourth Cents (5.25¢) per gallon on
special fuel used as aircraft fuel, from the portion of the excise tax on
compressed gas used as a motor fuel that exceeds the rate of tax in effect on
June 30, 1987, and from the portion of the gasoline excise tax in excess of
Seven Cents (7¢) per gallon and the diesel excise tax in excess of Ten Cents
(10¢) per gallon under Section 27-61-5:
(i) Twenty percent (20%) of such amount which shall be earmarked and set aside for the construction, reconstruction and maintenance of the highways and roads of the state, provided that if such twenty percent (20%) should reduce any county to a lesser amount than that received in the fiscal year ending June 30, 1966, then such twenty percent (20%) shall be reduced to a percentage to provide that no county shall receive less than its portion for the fiscal year ending June 30, 1966;
(ii) The amount allowed as refund on gasoline or as tax credit on diesel fuel or kerosene used for agricultural, maritime, industrial, domestic, and nonhighway purposes;
(iii) Five percent (5%) of such amount shall be paid to the State Highway Fund;
(iv) The amount or portion thereof authorized by legislative appropriation to the Fisheries and Wildlife Fund created under Section 59-21-25;
(v) The amount for deposit into the special aviation fund under paragraph (d) of this section; and
(vi) The remainder
shall be divided on a basis of nine-fourteenths (9/14) and five-fourteenths
(5/14) (being the same basis as Four and One-half Cents (4-1/2¢) and Two and
One-half Cents (2-1/2¢) is to Seven Cents (7¢) on gasoline, and six and forty-three
one-hundredths (6.43) and three and fifty-seven one-hundredths (3.57) is to Ten
Cents (10¢) on diesel fuel or kerosene). The amount produced by the nine-fourteenths
(9/14) division shall be allocated to the * * * Department of Transportation
and paid into the State Treasury as provided in this section and in Section 27-5-103
and the five-fourteenths (5/14) division shall be returned to the counties of
the state on the following basis:
1. In each fiscal year, each county shall be paid each month the same percentage of the monthly total to be distributed as was paid to that county during the same month in the fiscal year which ended April 9, 1960, until the county receives One Hundred Ninety Thousand Dollars ($190,000.00) in such fiscal year, at which time funds shall be distributed under the provisions of paragraph (b)(vi)4 of this section.
2. If after payments in 1 above, any county has not received a total of One Hundred Ninety Thousand Dollars ($190,000.00) at the end of the fiscal year ending June 30, 1961, and each fiscal year thereafter, then any available funds not distributed under 1 above shall be used to bring such county or counties up to One Hundred Ninety Thousand Dollars ($190,000.00) or such funds shall be divided equally among such counties not reaching One Hundred Ninety Thousand Dollars ($190,000.00) if there is not sufficient money to bring all the counties to said One Hundred Ninety Thousand Dollars ($190,000.00).
3. When a county has been paid an amount equal to the total which was paid to the same county during the fiscal year ended April 9, 1960, such county shall receive no further payments during the then current fiscal year until the last month of such current fiscal year, at which time distribution will be made under 2 above, except as set out in 4 below.
4. During the last month of the current fiscal year, should it be determined that there are funds available in excess of the amount distributed for the year under 1 and 2 above, then such excess funds shall be distributed among the various counties as follows:
One-third (1/3) of such excess to be divided equally among the counties;
One-third (1/3) of such excess to be paid to the counties in the proportion which the population of each county bears to the total population of the state according to the last federal census;
One-third (1/3) of such excess to be paid to the counties in the proportion which the number of square miles of each county bears to the total square miles in the state.
5. It is the declared purpose and intent of the Legislature that no county shall be paid less than was paid during the year ended April 9, 1960, unless the amount to be distributed to all counties in any year is less than the amount distributed to all counties during the year ended April 9, 1960.
The Municipal Aid Fund as established by Section 27-5-103 shall not participate in any portion of any funds allocated to any county hereunder over and above One Hundred Ninety Thousand Dollars ($190,000.00).
In any county having countywide road or bridge bonds, or supervisors district or district road or bridge bonds outstanding, which exceed, in the aggregate, twelve percent (12%) of the assessed valuation of the taxable property of the county or district, it shall be the duty of the board of supervisors to set aside not less than sixty percent (60%) of such county's share or district's share of the gasoline, diesel fuel or kerosene taxes to be used in paying the principal and interest on such road or bridge bonds as they mature.
In any county having such countywide road or bridge bonds or district road or bridge bonds outstanding which exceed, in the aggregate, eight percent (8%) of the assessed valuation of the taxable property of the county, but which do not exceed, in the aggregate, twelve percent (12%) of the assessed valuation of the taxable property of the county, it shall be the duty of the board of supervisors to set aside not less than thirty-five percent (35%) of such county's share of the gasoline, diesel fuel or kerosene taxes to be used in paying the principal and interest of such road or bridge bonds as they mature.
In any county having such countywide road or bridge bonds or district road or bridge bonds outstanding which exceed, in the aggregate, five percent (5%) of the assessed valuation of the taxable property of the county, but which do not exceed, in the aggregate, eight percent (8%) of the assessed valuation of the taxable property of the county, it shall be the duty of the board of supervisors to set aside not less than twenty percent (20%) of such county's share of the gasoline, diesel fuel or kerosene taxes to be used in paying the principal and interest of such road and bridge bonds as they mature.
In any county having such countywide road or bridge bonds or district road or bridge bonds outstanding which do not exceed, in the aggregate, five percent (5%) of the assessed valuation of the taxable property of the county, it shall be the duty of the board of supervisors to set aside not less than ten percent (10%) of such county's share of the gasoline, diesel fuel or kerosene taxes to be used in paying the principal and interest on such road or bridge bonds as they mature.
The portion of any such county's share of the gasoline, diesel fuel or kerosene taxes thus set aside for the payment of the principal and interest of road or bridge bonds, as provided for in this section, shall be used first in paying the currently maturing installments of the principal and interest of such countywide road or bridge bonds, if there be any such countywide road or bridge bonds outstanding, and secondly, in paying the currently maturing installments of principal and interest of district road or bridge bonds outstanding. It shall be the duty of the board of supervisors to pay bonds and interest maturing in each supervisors district out of the supervisors district's share of the gasoline, diesel fuel or kerosene taxes of such district.
The remaining portion of such county's share of the gasoline, diesel fuel or kerosene taxes, after setting aside the portion above provided for the payment of the principal and interest of bonds, shall be used in the construction and maintenance of any public highways, bridges, or culverts of the county, including the roads in special or separate road districts, in the discretion of the board of supervisors, or in paying the interest and principal of county road and bridge bonds or district road and bridge bonds, in the discretion of the board of supervisors.
In any county having no countywide road or bridge bonds or district road or bridge bonds outstanding, all such county's share of the gasoline, diesel fuel or kerosene taxes shall be used in the construction, reconstruction, and maintenance of the public highways, bridges, or culverts of the county as the board of supervisors may determine.
In every county in which there are county road bonds or seawall or road protection bonds outstanding which were issued for the purpose of building bridges or constructing public roads or seawalls, such funds shall be used in the manner provided by law.
(c) From the amount
produced by the nine-fourteenths (9/14) division allocated to the * * * Department of Transportation,
there shall be deducted:
(i) The amount paid to the State Treasurer for the "Highway Bonds Sinking Fund" under paragraph (a) of this section;
(ii) Any amounts due counties in accordance with Section 65-33-45 which have outstanding bonds issued for seawall or road protection purposes, issued under provisions of Chapter 319, Laws of 1924, and amendments thereto;
(iii) Except as
otherwise provided in Section 31-17-127, the remainder shall be paid by the * * * Department of Revenue
to the State Treasurer on the fifteenth day of each month next succeeding the
month in which the gasoline, diesel fuel or kerosene taxes were collected to
the credit of the State Highway Fund.
The funds allocated for the
construction, reconstruction, and improvement of state highways, bridges, and
culverts, or so much thereof as may be necessary, shall first be used in
conjunction with funds supplied by the federal government for such purposes and
allocated to the * * * Department of Transportation to be
expended on the state highway system. It is specifically provided hereby that
the necessary portion of such funds hereinabove allocated to the * * * Department of
Transportation may be used for the prompt payment of principal and interest
on highway bonds heretofore issued, including such bonds issued or to be issued
under the provisions of Chapter 312, Laws of 1956, and amendments thereto.
Nothing contained in this section shall be construed to reduce the amount of such gasoline, diesel fuel or kerosene excise taxes levied by the state, allotted under the provisions of Title 65, Chapter 33, Mississippi Code of 1972, to counties in which there are outstanding bonds issued for seawall or road protection purposes issued under the provisions of Chapter 319, Laws of 1924, and amendments thereto; the amount of said gasoline, diesel fuel or kerosene excise taxes designated in this section for the payment of bonds and interest authorized and issued or to be issued under the provisions of Chapter 130, Laws of 1938, and subsequent acts authorizing the issuance of bonds payable from gasoline, diesel fuel or kerosene tax revenue, shall, in such counties, be considered as being paid "into the State Treasury to the credit of the State Highway Fund" within the meaning of Section 65-33-45 in computing the amount to be paid to such counties under the provisions of said section, and this section shall be administered in connection with Title 65, Chapter 33, Mississippi Code of 1972, and Sections 65-33-45, 65-33-47 and 65-33-49 dealing with seawalls, as if made a part of this section.
(d) The proceeds of the Five and One-fourth Cents (5.25¢) of the tax per gallon on oils used as a propellant for jet aircraft engines, and Six and Four-tenths Cents (6.4¢) of the tax per gallon on aviation gasoline and the tax of One Cent (1¢) per gallon for each gallon of gasoline for which a refund has been made pursuant to Section 27-55-23 because such gasoline was used for aviation purposes, shall be paid to the State Treasury into a special fund to be used exclusively, pursuant to legislative appropriation, for the support and development of aeronautics as defined in Section 61-1-3.
(e) State highway funds in an amount equal to the difference between Forty-two Million Dollars ($42,000,000.00) and the annual debt service payable on the state's highway revenue refunding bonds, Series 1985, shall be expended for the construction or reconstruction of highways designated under the highway program created under Section 65-3-97.
(f) "Gasoline, diesel fuel or kerosene taxes" as used in this section shall be deemed to mean and include state gasoline, diesel fuel or kerosene taxes levied and imposed on distributors of gasoline, diesel fuel or kerosene, and all state excise taxes derived from any fuel used to propel vehicles upon the highways of this state, when levied by any statute.
[With regard to any county which is required to operate on a countywide system of road administration as described in Section 19-2-3, this section shall read as follows:]
27-5-101. Unless otherwise
provided in this section, on or before the fifteenth day of each month, all
gasoline, diesel fuel or kerosene taxes which are levied under the laws of this
state and collected during the previous month shall be paid and apportioned by
the * * * Department of Revenue as follows:
(a) (i) Except as
otherwise provided in Section 31-17-127, from the gross amount of gasoline,
diesel fuel or kerosene taxes produced by the state, there shall be deducted an
amount equal to one-sixth (1/6) of principal and interest certified by the
State Treasurer to the * * * Department of Revenue to be due on the
next semiannual bond and interest payment date, as required under the
provisions of Chapter 130, Laws of 1938, and subsequent acts authorizing the
issuance of bonds payable from gasoline, diesel fuel or kerosene tax revenue on
a parity with the bonds issued under authority of said Chapter 130. The State
Treasurer shall certify to the * * * Department of Revenue
on or before the fifteenth day of each month the amount to be paid to the
"Highway Bonds Sinking Fund" as provided by said Chapter 130, Laws of
1938, and subsequent acts authorizing the issuance of bonds payable from
gasoline, diesel fuel or kerosene tax revenue, on a parity with the bonds
issued under authority of said Chapter 130; and the * * * Department of Revenue
shall, on or before the twenty-fifth day of each month, pay into the State
Treasury for credit to the "Highway Bonds Sinking Fund" the amount so
certified to him by the State Treasurer due to be paid into such fund each
month. The payments to the "Highway Bonds Sinking Fund" shall be
made out of gross gasoline, diesel fuel or kerosene tax collections before
deductions of any nature are considered; however, such payments shall be
deducted from the allocation to the * * * Department of Transportation
under paragraph (c) of this section.
(ii) From
collections derived from the portion of the gasoline excise tax that exceeds
Seven Cents (7¢) per gallon, from the portion of the tax on aviation gas under
Section 27-55-11 that exceeds Six and Four-tenths Cents (6.4¢) per gallon, from
the portion of the undyed diesel fuel tax levied under Section 27-55-519 and
the special fuel tax levied under * * * Section
27-55-521 * * * that exceeds Ten Cents (10¢) per
gallon, from the portion of the taxes levied under Section 27-55-519, at Five
and Three-fourths Cents (5.75¢) per gallon that exceeds One Cent (1¢) per
gallon on special fuel and Five and One-fourth Cents (5.25¢) per gallon on
special fuel used as aircraft fuel, from the portion of the excise tax on
compressed gas used as a motor fuel that exceeds the rate of tax in effect on
June 30, 1987, and from the portion of the gasoline excise tax in excess of
Seven Cents (7¢) per gallon and the diesel excise tax in excess of Ten Cents
(10¢) per gallon under Section 27-61-5 there shall be deducted:
1. An amount as provided in Section 27-65-75(4) to the credit of a special fund designated as the "Office of State Aid Road Construction."
2. An amount equal to the tax collections derived from Two Cents (2¢) per gallon of the gasoline excise tax for distribution to the State Highway Fund to be used exclusively for the construction, reconstruction and maintenance of highways of the State of Mississippi or the payment of interest and principal on bonds when specifically authorized by the Legislature for that purpose.
3. The balance shall be deposited in the State Treasury to the credit of the State Highway Fund.
(b) Subject to the
provisions that said basis of distribution shall in nowise affect adversely the
amount specifically pledged in paragraph (a) of this section to be paid into
the "Highway Bonds Sinking Fund," the following shall be deducted
from the amount produced by the state tax on gasoline, diesel fuel or kerosene
tax collections, excluding collections derived from the portion of the gasoline
excise tax that exceeds Seven Cents (7¢) per gallon, from the portion of the
tax on aviation gas under Section 27-55-11 that exceeds Six and Four-tenths
Cents (6.4¢) per gallon, from the portion of the undyed diesel fuel tax
levied under Section 27-55-519 and the special fuel tax levied under * * * Section
27-55-521 * * * that exceeds Ten Cents (10¢) per
gallon, from the portion of the taxes levied under Section 27-55-519, at Five
and Three-fourths Cents (5.75¢) that exceeds One Cent (1¢) per gallon on
special fuel and Five and One-fourth Cents (5.25¢) per gallon on special fuel
used as aircraft fuel, from the portion of the excise tax on compressed gas
used as a motor fuel that exceeds the rate of tax in effect on June 30, 1987,
and from the portion of the gasoline excise tax in excess of Seven Cents (7¢)
per gallon and the diesel excise tax in excess of Ten Cents (10¢) per gallon
under Section 27-61-5:
(i) Twenty percent (20%) of such amount which shall be earmarked and set aside for the construction, reconstruction and maintenance of the highways and roads of the state, provided that if such twenty percent (20%) should reduce any county to a lesser amount than that received in the fiscal year ending June 30, 1966, then such twenty percent (20%) shall be reduced to a percentage to provide that no county shall receive less than its portion for the fiscal year ending June 30, 1966;
(ii) The amount allowed as refund on gasoline or as tax credit on diesel fuel or kerosene used for agricultural, maritime, industrial, domestic and nonhighway purposes;
(iii) Five percent (5%) of such amount shall be paid to the State Highway Fund;
(iv) The amount or portion thereof authorized by legislative appropriation to the Fisheries and Wildlife Fund created under Section 59-21-25;
(v) The amount for deposit into the special aviation fund under paragraph (d) of this section; and
(vi) The remainder
shall be divided on a basis of nine-fourteenths (9/14) and five-fourteenths
(5/14) (being the same basis as Four and One-half Cents (4-1/2¢) and Two and
One-half Cents (2-1/2¢) is to Seven Cents (7¢) on gasoline, and six and forty-three
one-hundredths (6.43) and three and fifty-seven one-hundredths (3.57) is to Ten
Cents (10¢) on diesel fuel or kerosene). The amount produced by the nine-fourteenths
(9/14) division shall be allocated to the * * * Department of Transportation
and paid into the State Treasury as provided in this section and in Section 27-5-103
and the five-fourteenths (5/14) division shall be returned to the counties of
the state on the following basis:
1. In each fiscal year, each county shall be paid each month the same percentage of the monthly total to be distributed as was paid to that county during the same month in the fiscal year which ended April 9, 1960, until the county receives One Hundred Ninety Thousand Dollars ($190,000.00) in such fiscal year, at which time funds shall be distributed under the provisions of paragraph (b)(vi)4 of this section.
2. If after payments in 1 above, any county has not received a total of One Hundred Ninety Thousand Dollars ($190,000.00) at the end of the fiscal year ending June 30, 1961, and each fiscal year thereafter, then any available funds not distributed under 1 above shall be used to bring such county or counties up to One Hundred Ninety Thousand Dollars ($190,000.00) or such funds shall be divided equally among such counties not reaching One Hundred Ninety Thousand Dollars ($190,000.00) if there is not sufficient money to bring all the counties to said One Hundred Ninety Thousand Dollars ($190,000.00).
3. When a county has been paid an amount equal to the total which was paid to the same county during the fiscal year ended April 9, 1960, such county shall receive no further payments during the then current fiscal year until the last month of such current fiscal year, at which time distribution will be made under 2 above, except as set out in 4 below.
4. During the last month of the current fiscal year, should it be determined that there are funds available in excess of the amount distributed for the year under 1 and 2 above, then such excess funds shall be distributed among the various counties as follows:
One-third (1/3) of such excess to be divided equally among the counties;
One-third (1/3) of such excess to be paid to the counties in the proportion which the population of each county bears to the total population of the state according to the last federal census;
One-third (1/3) of such excess to be paid to the counties in the proportion which the number of square miles of each county bears to the total square miles in the state.
5. It is the declared purpose and intent of the Legislature that no county shall be paid less than was paid during the year ended April 9, 1960, unless the amount to be distributed to all counties in any year is less than the amount distributed to all counties during the year ended April 9, 1960.
The Municipal Aid Fund as established by Section 27-5-103 shall not participate in any portion of any funds allocated to any county hereunder over and above One Hundred Ninety Thousand Dollars ($190,000.00).
In any county having road or bridge bonds outstanding which exceed, in the aggregate, twelve percent (12%) of the assessed valuation of the taxable property of the county, it shall be the duty of the board of supervisors to set aside not less than sixty percent (60%) of such county's share of the gasoline, diesel fuel or kerosene taxes to be used in paying the principal and interest on such road or bridge bonds as they mature.
In any county having such road or bridge bonds outstanding which exceed, in the aggregate, eight percent (8%) of the assessed valuation of the taxable property of the county, but which do not exceed, in the aggregate, twelve percent (12%) of the assessed valuation of the taxable property of the county, it shall be the duty of the board of supervisors to set aside not less than thirty-five percent (35%) of such county's share of the gasoline, diesel fuel or kerosene taxes to be used in paying the principal and interest of such road or bridge bonds as they mature.
In any county having such road or bridge bonds outstanding which exceed, in the aggregate, five percent (5%) of the assessed valuation of the taxable property of the county, but which do not exceed, in the aggregate, eight percent (8%) of the assessed valuation of the taxable property of the county, it shall be the duty of the board of supervisors to set aside not less than twenty percent (20%) of such county's share of the gasoline, diesel fuel or kerosene taxes to be used in paying the principal and interest of such road and bridge bonds as they mature.
In any county having such road or bridge bonds outstanding which do not exceed, in the aggregate, five percent (5%) of the assessed valuation of the taxable property of the county, it shall be the duty of the board of supervisors to set aside not less than ten percent (10%) of such county's share of the gasoline, diesel fuel or kerosene taxes to be used in paying the principal and interest on such road or bridge bonds as they mature.
The portion of any such county's share of the gasoline, diesel fuel or kerosene taxes thus set aside for the payment of the principal and interest of road or bridge bonds, as provided for in this section, shall be used in paying the currently maturing installments of the principal and interest of such road or bridge bonds, if there be any such road or bridge bonds outstanding.
The remaining portion of such county's share of the gasoline, diesel fuel or kerosene taxes, after setting aside the portion above provided for the payment of the principal and interest of bonds, shall be used in the construction and maintenance of any public highways, bridges or culverts of the county, in the discretion of the board of supervisors.
In any county having no road or bridge bonds outstanding, all such county's share of the gasoline, diesel fuel or kerosene taxes shall be used in the construction, reconstruction and maintenance of the public highways, bridges or culverts of the county, as the board of supervisors may determine.
In every county in which there are county road bonds or seawall or road protection bonds outstanding which were issued for the purpose of building bridges or constructing public roads or seawalls, such funds shall be used in the manner provided by law.
(c) From the amount
produced by the nine-fourteenths (9/14) division allocated to the * * * Department of Transportation,
there shall be deducted:
(i) The amount paid to the State Treasurer for the "Highway Bonds Sinking Fund" under paragraph (a) of this section;
(ii) Any amounts due counties in accordance with Section 65-33-45 which have outstanding bonds issued for seawall or road protection purposes, issued under provisions of Chapter 319, Laws of 1924, and amendments thereto; and
(iii) Except as
otherwise provided in Section 31-17-127, the remainder shall be paid by the * * * Department of Revenue
to the State Treasurer on the fifteenth day of each month next succeeding the
month in which the gasoline, diesel fuel or kerosene taxes were collected to the
credit of the State Highway Fund.
The funds allocated for the
construction, reconstruction and improvement of state highways, bridges and
culverts, or so much thereof as may be necessary, shall first be used in
conjunction with funds supplied by the federal government for such purposes and
allocated to the * * * Department of Transportation to be expended on
the state highway system. It is specifically provided hereby that the
necessary portion of such funds hereinabove allocated to the * * * Department of Transportation
may be used for the prompt payment of principal and interest on highway bonds
heretofore issued, including such bonds issued or to be issued under the
provisions of Chapter 312, Laws of 1956, and amendments thereto.
Nothing contained in this section shall be construed to reduce the amount of such gasoline, diesel fuel or kerosene excise taxes levied by the state, allotted under the provisions of Title 65, Chapter 33, Mississippi Code of 1972, to counties in which there are outstanding bonds issued for seawall or road protection purposes issued under the provisions of Chapter 319, Laws of 1924, and amendments thereto; the amount of said gasoline, diesel fuel or kerosene excise taxes designated in this section for the payment of bonds and interest authorized and issued or to be issued under the provisions of Chapter 130, Laws of 1938, and subsequent acts authorizing the issuance of bonds payable from gasoline, diesel fuel or kerosene tax revenue, shall, in such counties, be considered as being paid "into the State Treasury to the credit of the State Highway Fund" within the meaning of Section 65-33-45 in computing the amount to be paid to such counties under the provisions of said section, and this section shall be administered in connection with Title 65, Chapter 33, Mississippi Code of 1972, and Sections 65-33-45, 65-33-47 and 65-33-49 dealing with seawalls, as if made a part of this section.
(d) The proceeds of the Five and One-fourth Cents (5.25¢) of the tax per gallon on oils used as a propellant for jet aircraft engines, and Six and Four-tenths Cents (6.4¢) of the tax per gallon on aviation gasoline and the tax of One Cent (1¢) per gallon for each gallon of gasoline for which a refund has been made pursuant to Section 27-55-23 because such gasoline was used for aviation purposes, shall be paid to the State Treasury into a special fund to be used exclusively, pursuant to legislative appropriation, for the support and development of aeronautics as defined in Section 61-1-3.
(e) State highway funds in an amount equal to the difference between Forty-two Million Dollars ($42,000,000.00) and the annual debt service payable on the state's highway revenue refunding bonds, Series 1985, shall be expended for the construction or reconstruction of highways designated under the highway program created under Section 65-3-97.
(f) "Gasoline, diesel fuel or kerosene taxes" as used in this section shall be deemed to mean and include state gasoline, diesel fuel or kerosene taxes levied and imposed on distributors of gasoline, diesel fuel or kerosene, and all state excise taxes derived from any fuel used to propel vehicles upon the highways of this state, when levied by any statute.
SECTION 6. Section 27-55-12, Mississippi Code of 1972, is amended as follows:
27-55-12. (1) The United States government, the State of Mississippi, counties, municipalities, school districts and all other political subdivisions of the state, and volunteer fire departments chartered under the laws of the State of Mississippi as nonprofit corporations shall be exempt from excise taxes on gasoline, special fuel and compressed gas as follows:
(a) From the excise tax rate in excess of Nine Cents (9¢) per gallon of gasoline and from the excise tax rate in excess of One Cent (1¢) per gallon of aviation gasoline levied under Section 27-55-11, Mississippi Code of 1972, Five and Four-tenths Cents (5.4¢) thereof shall be exempt as provided in Section 27-55-19, Mississippi Code of 1972.
(b) From the excise
tax rate in excess of Ten Cents (10¢) per gallon of * * * undyed diesel fuel levied * * * under * * * Section 27-55-519 and other
special fuel levied under Section 27-55-521, Four and Three-fourths Cents
(4.75¢) thereof shall be exempt.
(c) From the excise tax rate in excess of One Cent (1¢) per gallon of special fuel taxed at Five and Three-fourths Cents (5.75¢) per gallon and from the excise tax rate in excess of One-half Cent (1/2¢) per gallon of special fuel used in aircraft levied under Section 27-55-519, Four and Three-fourths Cents (4.75¢) thereof shall be exempt.
(d) From the portion of the excise tax rate on compressed gas used as a motor fuel that exceeds the rate of tax in effect on June 30, 1987, Three Cents (3¢) thereof shall be exempt.
(2) The exemption provided in subsection (1) of this section for sales of gasoline, special fuel and compressed gas to volunteer fire departments shall apply only to sales of gasoline, special fuel and compressed gas for use in a vehicle owned by a volunteer fire department and used for department purposes.
(3) The exemption provided in subsection (1) of this section for sales of gasoline, special fuel and compressed gas also shall apply to sales of gasoline, special fuel and compressed gas to an entity described in Section 27-51-41(2)(u) for use in buses and other motor vehicles that are exempt from ad valorem taxation under Section 27-51-41(2)(u).
(4) Any person other than a bonded distributor of gasoline, bonded distributor of special fuel or bonded distributor of compressed gas who sells or delivers any gasoline, special fuel or compressed gas, subject to the exemption set forth in this section, is required to obtain credit for such exemption from a bonded distributor of gasoline, special fuel or compressed gas.
SECTION 7. Section 27-55-523, Mississippi Code of 1972, is amended as follows:
27-55-523. For the purpose of determining the amount of his liability for the tax imposed by this article, each bonded distributor of special fuel shall, not later than the twentieth day of the month next following the month in which this article becomes effective, and not later than the twentieth day of each month thereafter, file with the commission a monthly report which shall include a statement of the number of gallons of special fuel received and sold by such distributor of special fuel within this state during the preceding calendar month, and such other information as may be reasonably necessary for the proper administration of this article.
At the time of filing each monthly report with the commission, a distributor may take a credit for the number of gallons of special fuel that he purchased during the preceding calendar month from a distributor who pays the excise tax imposed by this article on such special fuel.
At the time of filing each monthly report with the commission, each distributor of special fuel shall pay to the commission the full amount of the special fuel tax due from such distributor for the preceding calendar month.
Reports and payments sent to the commission by mail must be postmarked by the due date in order to be considered timely filed, except when the due date falls on a weekend or holiday, in which case such reports and payments must be postmarked by the first working day following the due date in order to be considered timely filed.
The monthly report of the distributor of special fuel shall be prepared and filed with the commission on forms prescribed by the commission, or the distributor of special fuel may, with the approval of the commission, furnish the required information on machine-prepared schedules. Such monthly reports or schedules shall be signed by the distributor or his duly authorized agent and shall contain a declaration that the statements contained in such report are true and correct and are made under the penalty of perjury.
When special fuel, which would otherwise be taxable under the provisions of this article, is imported, sold, delivered or exported, under conditions which will exclude such special fuel from the tax levied under this article by reasons of one or more of the exemptions provided in this article, deduction for such exempt special fuel may be taken without prior approval of the commission on the monthly report of the bonded distributor of special fuel importing, selling, delivering or exporting such special fuel. Provided, however, that the commission may require proof to be furnished of such deduction for exempt special fuel.
When the Five and Three-fourths
Cents (5.75¢) per gallon tax has accrued or has been paid on undyed diesel
fuel that is taxed under Section 27-55-519 or other special fuel that is
taxed * * * under Section 27-55-521, a deduction
of Five and Three-fourths Cents (5.75¢) per gallon may be made.
SECTION 8. Section 65-39-35, Mississippi Code of 1972, is amended as follows:
65-39-35. The date upon
which the taxes and fees levied and charged under the provisions of Sections * * * 27-57-37, 27-59-11, 27-19-43,
27-19-309 and 27-65-75 * * *
are reduced under such sections shall be the first day of the month immediately
following the date upon which:
(a) The Mississippi Transportation Commission certifies to the State Tax Commission that:
(i) The highway program created under Section 65-3-97 and the Gaming Counties Infrastructure Program created under Section 65-39-3, are completed and no funds are any longer necessary to pay the costs of such programs; and
(ii) The Mississippi Transportation Commission will not declare the necessity for additional borrowings under Section 65-9-27, or for additional bonds under Sections 65-39-5 through 65-39-33; and
(b) The State Treasurer certifies:
(i) That the amount on deposit in the Gaming Counties Bond Sinking Fund, together with earnings on investments to accrue to such fund, is equal to or greater than the aggregate of the entire principal, redemption premium (if any), and interest due and to become due (until the final maturity date or earlier scheduled redemption date) on all general obligation bonds issued under Sections 65-39-5 through 65-39-33; and
(ii) That all principal, interest, cost and other expenses for all bonds, notes or other borrowings under Section 65-9-27 and Section 31-17-127 (including redemption notes, if any) have been paid and are completely satisfied.
SECTION 9. Section 27-19-21, Mississippi Code of 1972, is amended as follows:
27-19-21. (1) For the purposes of this section, the term "electric vehicle" means a vehicle that is powered solely by an electric motor drawing current from rechargeable batteries, fuel cells, or other portable sources of electrical current, is manufactured primarily for use on public streets, roads and highways, and is required to have a license tag under Section 27-19-1 et seq., for operation on public streets, roads and highways.
(2) (a) There is imposed
an annual tax on each electric vehicle, which shall be in addition to any other
taxes for which the vehicle is liable. The tax shall be paid to the county tax
collector at the same time and in the same manner as the annual highway
privilege tax is paid. The amount of the tax shall be * * * Two
Hundred Dollars ($200.00).
(b) Beginning July 1, 2021, and each succeeding July 1 thereafter, the rate of the tax imposed under this section and in effect at the end of the preceding state fiscal year shall be adjusted by increasing the tax by a percentage amount equal to the United States inflation rate for the previous calendar year ending on December 31 as certified by the Department of Finance and Administration. The United States inflation rate for a calendar year shall be the Consumer Price Index for the calendar year for urban consumers as calculated by the Bureau of Labor Statistics of the United States Department of Labor. In adjusting the amount of the tax, amounts equal to or greater than Fifty Cents (50¢) shall be rounded to the next highest whole dollar.
(3) The tax collector shall have a special designation for electric vehicles in the vehicle records of the tax collector's office so that the owners of electric vehicles will be provided with the proper forms for paying the tax imposed by this section.
(4) The tax collector shall remit the proceeds of the tax collected under this section to the Department of Revenue, and the department shall apportion the proceeds of the tax among the various purposes specified in Section 27-5-101 for gasoline and diesel fuel taxes in the same proportion that those taxes were apportioned for those purposes during the previous state fiscal year and such funds shall be used solely for the repair and maintenance of roads, streets and bridges.
(5) The Department of Revenue shall have all of the power and authority that it has for enforcement of the motor vehicle privilege tax laws (Section 27-19-1 et seq.) to enforce the provisions of this section. The Commissioner of Revenue may adopt any rules or regulations that he deems necessary for the proper administration of this section.
SECTION 10. Section 27-19-23, Mississippi Code of 1972, is amended as follows:
27-19-23. (1) For the purposes of this section, the term "hybrid vehicle" means a vehicle that utilizes more than one (1) form of onboard energy to achieve propulsion, is manufactured primarily for use on public streets, roads and highways, and is required to have a license tag under Section 27-19-1 et seq., for operation on public streets, roads and highways.
(2) (a) There is imposed
an annual tax on each hybrid vehicle, which shall be in addition to any other
taxes for which the vehicle is liable. The tax shall be paid to the county tax
collector at the same time and in the same manner as the annual highway
privilege tax is paid. The amount of the tax shall be * * * One
Hundred Dollars ($100.00).
(b) Beginning July 1, 2021, and each succeeding July 1 thereafter, the rate of the tax imposed under this section and in effect at the end of the preceding state fiscal year shall be adjusted by increasing the tax by a percentage amount equal to the United States inflation rate for the previous calendar year ending on December 31 as certified by the Department of Finance and Administration. The United States inflation rate for a calendar year shall be the Consumer Price Index for the calendar year for urban consumers as calculated by the Bureau of Labor Statistics of the United States Department of Labor. In adjusting the amount of the tax, amounts equal to or greater than Fifty Cents (50¢) shall be rounded to the next highest whole dollar.
(3) The tax collector shall have a special designation for hybrid vehicles in the vehicle records of the tax collector's office so that the owners of hybrid vehicles will be provided with the proper forms for paying the tax imposed by this section.
(4) The tax collector shall remit the proceeds of the tax collected under this section to the Department of Revenue, and the department shall apportion the proceeds of the tax among the various purposes specified in Section 27-5-101 for gasoline and diesel fuel taxes in the same proportion that those taxes were apportioned for those purposes during the previous state fiscal year and such funds shall be used solely for the repair and maintenance of roads, streets and bridges.
(5) The Department of Revenue shall have all of the power and authority that it has for enforcement of the motor vehicle privilege tax laws (Section 27-19-1 et seq.) to enforce the provisions of this section. The Commissioner of Revenue may adopt any rules or regulations that he deems necessary for the proper administration of this section.
SECTION 11. Section 27-115-51, Mississippi Code of 1972, is amended as follows:
27-115-51. (1) (a) All monies received by the corporation from the sale of lottery tickets and all other sources shall be deposited into a corporate operating account. Such account shall be established in a custodian financial institution domiciled in the State of Mississippi and insured by the Federal Deposit Insurance Corporation and collateralized as prescribed by Section 27-105-5. The corporation may use all monies in the corporate operating account for the purposes of paying prizes and the necessary expenses of the corporation and dividends to the state. The corporation shall estimate and allocate the amount to be paid by the corporation to prizewinners.
(b) (i) The investment of monies in the corporate operating account, other than the amount specifically required for the purchase of securities for payment of deferred prizes, shall be invested in a manner prescribed by the board, consistent with law. Such securities purchased as investments by the corporation shall be issued in the name of the corporation and shall be kept at a custodian financial institution domiciled in the State of Mississippi insured by the Federal Deposit Insurance Corporation.
(ii) The investment of monies in the corporate operating account, other than the amount specifically required for the purchase of securities for deferred prize payments to winners, shall be invested only in securities in a manner prescribed by the board, consistent with law. Such securities purchased as investments by the corporation shall be issued in the name of the corporation and shall be safe kept at a custodian financial institution domiciled in the State of Mississippi insured by the Federal Deposit Insurance Corporation.
(iii) These instruments may be in varying maturities and may be in book-entry form.
(iv) For the purpose of deferred prize payments to winners, the corporation shall purchase or invest in only those securities prescribed by the board, consistent with law.
(c) Within twenty (20)
days following the close of each calendar month, the corporation shall transfer
to the * * * Public Education Fund in the State Treasury the
amount of net proceeds.
(d) The apportionment of the total gross revenues accruing from the sale of lottery tickets or shares and from all other sources shall be as follows:
(i) The payment of prizes to the holders of winning lottery tickets or shares which in any case shall be no less than fifty percent (50%) of the total gross revenues accruing from the sale of lottery tickets.
(ii) The payment of costs incurred in the operation and administration of the lottery, including the expenses of the corporation and the costs resulting from any contract or contracts entered into for promotional, advertising or operational services or for the purchase or lease of lottery equipment and materials, which in no case shall exceed fifteen percent (15%) of the total gross revenues accruing from the sale of lottery tickets. However, this restriction shall not apply until after the first twelve (12) months of revenue generation.
(2) A * * * Public Education Fund
is hereby established in the State Treasury, into which all monies in the
Lottery Proceeds Fund shall be deposited on July 1, 2020, at which point the
Lottery Proceeds Fund shall be terminated. Net proceeds shall be deposited
into * * * the
Public Education Fund as provided in subsection (1) of
this section. Monies deposited into the * * * Public Education Fund
shall be invested by the state in accordance with state investment practices,
and all earnings from such investments shall accrue to this account. No monies
shall be allotted or expended from this account unless pursuant to a warrant
issued as provided under Section 27-115-85.
SECTION 12. Section 27-115-85, Mississippi Code of 1972, is amended as follows:
27-115-85. * * * All * * * monies deposited into the * * * Public Education Fund
over Eighty Million Dollars ($80,000,000.00) in a fiscal year shall be
transferred into the Education Enhancement Fund for the purposes of funding the
Early Childhood Learning Collaborative, the Classroom Supply Fund and/or other
educational purposes. * * *
SECTION 13. This act shall take effect and be in force from and after July 1, 2020.