MS HB1659

Establishes a one-time income tax credit for manufacturers of electric motor vehicles, medium-speed electric vehicles, and low-speed electric vehicles manufactured after June 30, 2012.

Sets per-vehicle credit amounts: $2,000 for electric motor vehicles, $1,000 for medium-speed electric vehicles, and $500 for low-speed electric vehicles.

Allows unused tax credits to be carried forward and applied against income tax liability for up to five subsequent tax years.

Prohibits claiming multiple credits for the same vehicle even if it qualifies under more than one category.

Takes effect July 1, 2012, and authorizes the Department of Revenue to promulgate rules for administering the credit program.