MN SF1085

Establishes a 30 percent income tax credit for taxpayers who construct, install, and place in service alternative fuel refueling facilities in Minnesota for commercial or residential use.

Defines alternative fuels as compressed natural gas, liquefied natural gas, liquefied petroleum gas, hydrogen, ethanol blends of 85 percent or more, and electricity.

Credits apply to both the cost of alternative fuel vehicle refueling property and installation costs including pumps, storage tanks, and related equipment necessary for proper installation.

Excess credits that exceed tax liability may be carried forward to each of the four succeeding taxable years, with unused credits forfeited if the refueling property is disposed of or taken out of service.

Tax credit is effective for taxable years beginning after December 31, 2011 and before January 1, 2016.