MS HB1618

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

Credit amounts vary by property type: 45% of cost for vehicle modifications or factory-equipped vehicles; 75% of cost for commercial fueling infrastructure; up to $2,500 for residential compressed natural gas systems; and up to $1,500 for factory-equipped vehicles purchased secondhand.

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

Requires all equipment to be new, installed by certified technicians, and to meet Federal Motor Vehicle Safety Standards or applicable federal motor carrier safety regulations.

Takes effect July 1, 2017, and does not affect any tax claims or assessments accrued prior to the effective date.