MS HB1049

Creates a one-time income tax credit of 50% of the cost for converting vehicles to run on compressed natural gas, liquefied natural gas, liquefied petroleum gas, or propane gas, or for purchasing vehicles originally equipped with such systems

Provides a 75% per-location tax credit for installing commercial alternative fuel delivery infrastructure, including compression equipment, storage tanks, and public electric vehicle recharging stations

Offers residential compressed natural gas fueling system owners a credit of 50% of installation costs or $2,500, whichever is less

Allows taxpayers purchasing factory-equipped alternative fuel vehicles to claim up to 10% of the vehicle cost or $2,500 (whichever is less) if exact fuel property costs cannot be determined

Permits unused tax credits to be carried forward for up to five years if the credit exceeds income tax liability