MS SB2828

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

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

Requires equipment installations to be performed by certified alternative fuels technicians and to meet Federal Motor Vehicle Safety Standards or applicable motor carrier safety regulations.

Becomes effective July 1, 2022, and does not affect prior tax claims or assessments under existing income tax laws.