MS SB2252

Establishes a one-time income tax credit for investments in qualified clean-burning motor vehicle fuel property, including equipment to convert vehicles to natural gas or propane, new alternative fuel vehicles, and public recharging infrastructure for electric vehicles.

Provides 50% credit for vehicle conversion equipment and alternative fuel vehicles; 75% credit for commercial fueling station infrastructure; and the lesser of 50% or $2,500 for residential natural gas fueling systems.

Allows taxpayers to claim a credit of up to 10% of vehicle cost or $2,500 (whichever is less) when purchasing a manufacturer-equipped alternative fuel vehicle if the exact basis cannot be determined.

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

Takes effect July 1, 2020, and grants the Department of Revenue authority to promulgate rules and enforce penalties for violations.