MS HB399

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

Provides credit rates of 45% for vehicle modifications and factory-equipped vehicles, 75% for commercial fueling infrastructure, and 50% (capped at $2,500) for residential compressed natural gas systems.

Allows taxpayers purchasing manufacturer-equipped alternative fuel vehicles to claim a credit up to 10% of vehicle cost or $1,500 if unable to determine exact basis attributable to the fuel property.

Permits unused tax credits to be carried forward for up to five succeeding tax years if the credit exceeds income tax liability in the current year.

Effective July 1, 2019, with administration and rule-making authority delegated to the Department of Revenue.