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MN HF2888

Bill

Official Source

Status

Introduced

3/10/2014

Primary Sponsor

Jeff Howe

Click for details

Origin

House of Representatives

88th Legislature 2013-2014

AI Summary

  • Establishes a tax credit up to $8,000 for taxpayers who purchase natural gas vehicles, convert conventional vehicles to natural gas, or install home fueling systems during the taxable year
  • Eligible expenses include the incremental cost difference between natural gas and gasoline/diesel vehicles, conversion costs, and home fueling system installation costs
  • Credits are refundable; if the credit exceeds tax liability, the commissioner refunds the excess amount to the taxpayer
  • Credits earned by partnerships, LLCs, S corporations, and multiple property owners pass through proportionally to partners, members, shareholders, or owners
  • Effective for taxable years beginning after December 31, 2013, with an appropriation from the general fund to cover refunds

Legislative Description

Individual income and corporate franchise tax credit provided for natural gas vehicles and home fueling systems, and money appropriated.

Last Action

Author added Clark

3/19/2014

Committee Referrals

Taxes3/10/2014

Full Bill Text

No bill text available