Bill Text: MS SB2073 | 2011 | Regular Session | Introduced
Bill Title: Income tax; authorize a credit for the purchase of new hybrid electric vehicles or electric vehicles.
Spectrum: Partisan Bill (Democrat 1-0)
Status: (Failed) 2011-02-23 - Died In Committee [SB2073 Detail]
Download: Mississippi-2011-SB2073-Introduced.html
MISSISSIPPI LEGISLATURE
2011 Regular Session
To: Finance
By: Senator(s) Dearing
Senate Bill 2073
AN ACT TO PROVIDE AN INCOME TAX CREDIT FOR TAXPAYERS WHO PURCHASE NEW HYBRID ELECTRIC VEHICLES OR ELECTRIC VEHICLES WITHOUT THE INTENT TO RESELL THE VEHICLE; TO LIMIT THE AMOUNT OF THE TAX CREDIT TO THE LESSER OF $1,500.00 OR 2% OF THE TOTAL COST OF THE VEHICLE; TO PROVIDE THAT IN NO EVENT SHALL THE AMOUNT OF THE CREDIT EXCEED THE AMOUNT OF INCOME TAX IMPOSED UPON THE TAXPAYER FOR THE TAXABLE YEAR REDUCED BY THE SUM OF ALL OTHER CREDITS ALLOWABLE TO THE TAXPAYER UNDER THE STATE INCOME TAX LAWS; AND FOR RELATED PURPOSES.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MISSISSIPPI:
SECTION 1. (1) For the purposes of this section:
(a) "Hybrid electric vehicle" means a private carrier of passengers or light carrier of property, as defined in Section 27-51-101, that:
(i) Meets all applicable federal and state regulatory requirements;
(ii) Meets the current vehicle exhaust standard set under the National Low-Emission Vehicle Program for gasoline powered passenger cars; and
(iii) Draws propulsion energy from the following sources:
1. An internal combustion engine or heat engine using any combustible fuel; and
2. An onboard rechargeable energy storage system.
(b) "Electric vehicle" means a private carrier of passengers or light carrier of property, as defined in Section 27-51-101, that draws propulsion energy from an onboard rechargeable electric energy storage system.
(2) Subject to the provisions of this section, any taxpayer who purchases a new hybrid electric vehicle or a new electric vehicle without the intent to resell the vehicle shall be entitled to a credit against the taxes imposed by this chapter in an amount equal to the lesser of One Thousand Five Hundred Dollars ($1,500.00), two percent (2%) of the total cost of the vehicle; however, in no event shall the amount of the credit exceed the amount of income tax imposed upon the taxpayer for the taxable year reduced by the sum of all other credits allowable to the taxpayer under the state income tax laws, except credit for tax payments made by or on behalf of the taxpayer. In the case of married individuals filing separate returns, each person may claim an amount not to exceed one-half (1/2) of the tax credit that would have been allowed for a joint return. The tax credit is available only for the taxable year during which the hybrid electric vehicle or electric vehicle was purchased, and a hybrid electric vehicle or electric vehicle may qualify for the credit only one (1) time.
SECTION 2. Section 1 of this act shall be codified as a separate section in Chapter 7, Title 27, Mississippi Code of 1972.
SECTION 3. This act shall take effect and be in force from and after January 1, 2011.
