MS HB1238

Establishes a loan program through the Mississippi Development Authority for private firms and nonprofit organizations to purchase alternative fuel conversion systems or vehicles equipped with such systems

Eligible private firms must be Mississippi-based, privately owned, operate at least 3 commercial vehicles, provide nongovernmental services, and be financially solvent

Eligible nonprofit organizations must be legally recognized in Mississippi and by the IRS, operate at least 3 vehicles for nongovernmental services, and be financially solvent

Loans are capped at a maximum duration of 6 years and a maximum interest rate of 3 percent

Authorizes the Mississippi Development Authority to promulgate implementing rules and regulations; effective July 1, 2012