Bill Text: MS HB1616 | 2015 | Regular Session | Introduced
Bill Title: Income tax; authorize a credit for portion of cost of new alternative fuel vehicle or alternative fuel conversion equipment.
Spectrum: Partisan Bill (Republican 1-0)
Status: (Failed) 2015-02-25 - Died In Committee [HB1616 Detail]
Download: Mississippi-2015-HB1616-Introduced.html
MISSISSIPPI LEGISLATURE
2015 Regular Session
To: Ways and Means
By: Representative Boyd
House Bill 1616
AN ACT TO PROVIDE AN INCOME TAX CREDIT FOR A PERCENTAGE OF THE COST OF PURCHASING A NEW ALTERNATIVE FUEL VEHICLE; TO PROVIDE AN INCOME TAX CREDIT FOR A PERCENTAGE OF THE COST OF EQUIPMENT INSTALLED ON A GASOLINE OR DIESEL PROPELLED VEHICLE TO CONVERT THE VEHICLE TO OPERATE ON AN ALTERNATIVE FUEL; TO DEFINE CERTAIN TERMS USED IN THIS ACT; TO PRESCRIBE THE MAXIMUM AMOUNT OF THE ONE-TIME CREDIT WHICH MAY BE CLAIMED IN A TAXABLE YEAR; TO PROVIDE THAT ANY UNUSED PORTION OF THE CREDIT MAY BE CARRIED FORWARD FOR THE SUCCEEDING FIVE TAX YEARS; AND FOR RELATED PURPOSES.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MISSISSIPPI:
SECTION 1. (1) As used in this section, the following words and phrases have the meanings ascribed in this subsection unless the context clearly indicates otherwise:
(a) "Qualified clean-burning motor vehicle" means either of the following:
(i) A motor vehicle originally propelled solely by gasoline or diesel fuel which has had equipment installed to modify the vehicle so that it may be propelled by a hydrogen fuel cell, compressed natural gas, liquefied natural gas or liquefied petroleum gas. The equipment installed on the vehicle must be new and must not have been used previously to modify or retrofit any vehicle propelled by gasoline or diesel fuel; or
(ii) A motor vehicle originally equipped so that the vehicle may be propelled by a hydrogen fuel cell, compressed natural gas, liquefied natural gas or liquefied petroleum gas, but only to the extent of the portion of the basis of the motor vehicle which is attributable to the storage of such fuel, the delivery to the engine of the motor vehicle of such fuel, and the exhaust of gases from combustion of such fuel.
(b) "Qualified electric motor vehicle" means a motor vehicle originally equipped to be propelled only by electricity; however, if a motor vehicle also is equipped with an internal combustion engine, then the vehicle shall be considered a "qualified electric motor vehicle" only to the extent of the portion of the basis of the motor vehicle which is attributable to the propulsion of the vehicle by electricity. The term "qualified electric motor vehicle" does not apply to vehicles known as "golf carts," "go-carts" and other motor vehicles that are manufactured principally for use off the streets and highways.
(c) "Motor vehicle" means a motor vehicle originally designed by the manufacturer to operate lawfully and principally on streets and highways.
(2) There shall be allowed a one-time credit against the income tax imposed by this chapter for the purchase of:
(a) A qualified clean-burning motor vehicle;
(b) A qualified electric motor vehicle; and
(c) Equipment that is installed to modify a vehicle originally propelled solely by gasoline or diesel fuel so that the vehicle may be propelled by a hydrogen fuel cell, compressed natural gas, liquefied natural gas or liquefied petroleum gas.
Subject to the provisions of this section, the credit allowed under this subsection shall be an amount equal to fifty percent (50%) of the purchase price of the qualified clean-burning motor vehicle, qualified electric motor vehicle or equipment used to convert a vehicle.
(3) In cases where no credit has been claimed under subsection (2) of this section by any prior owner and in which a motor vehicle originally equipped by the manufacturer to be a qualified clean-burning motor vehicle or qualified electric motor vehicle is purchased by a taxpayer, the taxpayer may claim a credit in an amount not exceeding the lesser of ten percent (10%) of the cost of the motor vehicle or One Thousand Five Hundred Dollars ($1,500.00).
(4) If the tax credit allowed under subsection (2) or (3) of this section exceeds the amount of income taxes due or if there are no state income taxes due on the income of the taxpayer, the amount of the credit not used as a credit against the income taxes of a taxable year may be carried forward as a credit against subsequent income tax liability for a period not to exceed five (5) years.
(5) A husband and wife who file separate returns for a taxable year in which they could have filed a joint return may each claim only one-half (1/2) of the tax credit that would have been allowed for a joint return.
(6) The Department of Revenue is empowered to promulgate rules and regulations by which the purpose of this section shall be administered.
SECTION 2. Section 1 of this act shall be codified as a new section in Chapter 7, Title 27, Mississippi Code of 1972.
SECTION 3. Nothing in this act shall affect or defeat any claim, assessment, appeal, suit, right or cause of action for taxes due or accrued under the income tax laws before the date on which this act becomes effective, whether such claims, assessments, appeals, suits or actions have been begun before the date on which this act becomes effective or are begun thereafter; and the provisions of the income tax laws are expressly continued in full force, effect and operation for the purpose of the assessment, collection and enrollment of liens for any taxes due or accrued and the execution of any warrant under such laws before the date on which this act becomes effective, and for the imposition of any penalties, forfeitures or claims for failure to comply with such laws.
SECTION 4. This act shall take effect and be in force from and after July 1, 2015.
