MN HF897

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

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

Credit applies to both the cost of alternative fuel vehicle refueling property and the cost of installation, including related pumps, storage tanks, and equipment.

Excess credits that exceed tax liability in any year may be carried forward to the next four succeeding taxable years, but unused credits are forfeited if the refueling property is disposed of or taken out of service.

Credit is effective for taxable years beginning after December 31, 2012 and before January 1, 2017.