MS HB287

Allows a one-time income tax credit equal to 50% of the purchase price for qualified clean-burning motor vehicles (hydrogen fuel cell, compressed natural gas, liquefied natural gas, or liquefied petroleum gas), qualified electric motor vehicles, or equipment to convert gasoline/diesel vehicles to alternative fuels.

Provides an alternative credit of up to 10% of vehicle cost or $1,500, whichever is less, for taxpayers purchasing manufacturer-equipped alternative fuel vehicles when no prior owner claimed a credit.

Permits unused tax credits to be carried forward as a credit against income tax liability for up to five succeeding tax years.

Allows married couples filing separate returns to each claim one-half of the tax credit that would have been allowed on a joint return.

Takes effect July 1, 2013, and directs the Department of Revenue to promulgate rules and regulations for administration.