MS SB2695

Allows a one-time income tax credit for investments in qualified clean-burning motor vehicle fuel property, including equipment to convert vehicles to compressed natural gas, liquefied natural gas, liquefied petroleum gas, or propane gas

Provides 50% credit for vehicle conversion equipment and new alternative fuel vehicles; 75% credit for commercial fueling infrastructure; and 50% credit capped at $2,500 for residential compressed natural gas systems

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

Requires all equipment to be new and installed by certified technicians, and must comply with Federal Motor Vehicle Safety Standards or applicable commercial motor carrier regulations

Takes effect July 1, 2021