MS SB2073

Establishes an income tax credit for taxpayers who purchase new hybrid electric vehicles or electric vehicles and do not intend to resell them.

Credits are limited to the lesser of $1,500 or 2% of the vehicle's total cost.

Credit cannot exceed the taxpayer's income tax liability for that year minus all other allowable credits, except tax payments already made.

Married couples filing separately may each claim up to half the credit amount that would have been allowed on a joint return.

Credit is available only in the taxable year of purchase, and each vehicle qualifies for the credit only once; effective January 1, 2011.