As Amended
SEC. 27-25-506. Special fund for deposit of state's share of oil and gas severance taxes collected; deposits into Budget Contingency Fund.
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);
(h) For fiscal year 2001 through December 31, 2000, all amounts collected and transferred in excess of Ten Million Dollars ($10,000,000.00);
(i) For fiscal year 2005, all amounts collected in excess of Ten Million Dollars ($10,000,000.00);
(j) For fiscal year 2006, all amounts collected in excess of Five Million Dollars ($5,000,000.00); and
(k) For fiscal year 2007 and each fiscal year thereafter, all such tax collections apportioned to the state shall be deposited to the credit of the trust fund.
The monies collected under paragraphs (a) through (j) of this section that are not deposited into the trust fund shall be deposited into the State General Fund. For fiscal year 2005, the monies not deposited into the State General Fund shall be deposited into the Budget Contingency Fund created in Section 27-103-301. All monies deposited into the Budget Contingency Fund under this section shall be appropriated by the Legislature for the support of the * * * Mississippi Adequate Education Program * * *.
SOURCES: Laws, 1992, ch. 562, § 3; Laws, 2001, ch. 521, § 1, SB 2680; Laws, 2002, ch. 450, § 1, SB 2389; Laws, 2004, ch. 595, § 11, HB 1279, eff from and after July 1, 2004.
PREVIOUS VERSIONS: Pre-2004