MS HB329

Establishes a one-time income tax credit for investments in qualified clean-burning motor vehicle fuel property (hydrogen fuel cells, compressed natural gas, liquefied natural gas, liquefied petroleum gas) and qualified electric motor vehicle property.

Provides 50% credit for vehicle modifications and electric vehicles, up to $1,500 for used vehicles with manufacturer-installed alternative fuel equipment.

Allows 75% credit for commercial alternative fuel delivery infrastructure and the lesser of 50% or $2,500 for residential compressed natural gas fueling systems.

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

Takes effect July 1, 2013 and applies only to claims with no prior owner credit claimed.