MS HB1641

Authorizes an income tax credit for Mississippi taxpayers who purchase a new qualified plug-in electric drive vehicle or qualified hybrid electric vehicle, equal to the lesser of sales/use tax paid or $3,000.

Defines qualified plug-in electric drive vehicles as four-wheeled motor vehicles with a battery capacity of at least 4 kilowatt hours that can be recharged externally, weighing no more than 8,500 pounds, and acquired on or after January 1, 2012.

Defines qualified hybrid electric vehicles as light or heavy duty vehicles listed in U.S. Department of Energy guides that use rechargeable energy storage systems but lack external charging plugs.

Limits credits to one vehicle per taxable year for individual taxpayers and ten vehicles per taxable year for business entities; vehicle must be registered in Mississippi and comply with applicable state or federal clean-fuel vehicle regulations.

Prohibits using the same amount as both a tax credit and a deduction for state income tax purposes; effective January 1, 2012.