MS HB1467

Allows a one-time income tax credit for investments in qualified clean-burning motor vehicle fuel property, including equipment to convert vehicles to alternative fuels and alternative fueling infrastructure.

Credit amounts vary by property type: 50% of cost for vehicle conversions and manufacturer-equipped vehicles; 75% per-location for commercial fueling stations; lesser of 50% of cost or $2,500 for residential compressed natural gas systems.

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

Married couples filing separate returns may each claim only half the credit that would be allowed on a joint return.

Effective July 1, 2020.