MS HB1615

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

Credit amounts vary by property type: 50% of cost for vehicle modifications and electric vehicles; 75% of cost for commercial fueling infrastructure; lesser of 50% or $2,500 for residential compressed natural gas systems.

Permits taxpayers purchasing vehicles with alternative fuel equipment installed by manufacturer to claim a credit of up to the lesser of 10% of vehicle cost or $1,500 if basis cannot be determined.

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

Takes effect July 1, 2015, with the Department of Revenue authorized to promulgate administrative rules and regulations.