MS HB214

Authorizes 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 a 50% tax credit for vehicle conversion equipment and original manufacturer-equipped alternative fuel vehicles, a 75% per-location credit for commercial fueling infrastructure, and a credit limited to the lesser of 50% of cost or $2,500 for residential compressed natural gas fueling systems.

Allows taxpayers purchasing manufacturer-equipped alternative fuel vehicles to claim a credit up to the lesser of 10% of the vehicle cost or $2,500 if the exact basis cannot be determined.

Permits unused tax credits to be carried forward and applied against state income tax liability for up to five subsequent tax years.

Takes effect January 1, 2025, and authorizes the Department of Revenue to promulgate rules and establish penalties for violations.