MS HB1616

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 vehicles) and qualified electric motor vehicles

Allows a one-time income tax credit equal to 50% of the cost of equipment installed to convert gasoline or diesel vehicles to operate on alternative fuels

Provides a separate credit of up to 10% of the vehicle cost or $1,500, whichever is less, for taxpayers purchasing pre-equipped alternative fuel vehicles where no prior owner claimed a credit

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

Takes effect July 1, 2015 and grants the Department of Revenue authority to promulgate implementing rules and regulations