MS HB951

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

Provides a 50% tax credit for vehicle conversion equipment and factory-equipped alternative fuel vehicles, and a 75% credit for commercial fueling infrastructure (compression equipment, storage tanks, and electric recharging systems).

Limits residential compressed natural gas fueling system credits to the lesser of 50% of installation costs or $2,500.

Allows unused tax credits to be carried forward for up to five succeeding tax years if the credit exceeds income tax liability in the current year.

Effective January 1, 2022, with administration and penalty enforcement delegated to the Department of Revenue.