MS HB1640

Creates the "Natural Gas Vehicles for Mississippi Act of 2012" to encourage natural gas vehicle adoption through income tax credits, tax exemptions, and infrastructure development.

Establishes a 50% income tax credit against state income tax liability for taxpayers purchasing or installing natural gas conversion kits, original equipment natural gas vehicles, or refueling systems, with certain limitations and carryforward provisions.

Exempts natural gas used as motor vehicle fuel from the 7% sales tax imposed under Section 27-65-19.

Sets goals for public access natural gas refueling stations: one station per 100 miles on interstate highways by 2017 (increasing to 50 miles by 2022) and on U.S. highways by 2022 (increasing to 50 miles by 2027).

Establishes licensing and permitting requirements for dealers, installers, private refueling systems, and public refueling stations, with monthly reporting and record-keeping obligations; provides tax rates and privilege taxes for compressed natural gas and liquefied natural gas users and distributors.