MS HB534

Allows 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 equipment.

Provides a 45% tax credit for vehicle modifications or factory-equipped alternative fuel vehicles; 75% credit for commercial fueling infrastructure; and the lesser of 50% or $2,500 for residential compressed natural gas systems.

Permits taxpayers to claim a credit not exceeding the lesser of 10% of vehicle cost or $1,500 when purchasing a factory-equipped alternative fuel vehicle if the exact basis cannot be determined.

Allows unused portions of the credit to be carried forward as a credit against income tax liability for up to five subsequent tax years.

Takes effect July 1, 2020, with the Department of Revenue authorized to promulgate rules for administration and enforcement.