MS HB253

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.

Provides credit rates of 45% for vehicle conversion equipment and original equipment, 75% for commercial fueling infrastructure, and the lesser of 50% or $2,500 for residential compressed natural gas systems.

Allows taxpayers to claim up to 10% of vehicle cost or $1,500 for factory-installed alternative fuel equipment when the exact basis cannot be determined.

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

Takes effect July 1, 2018.