Mississippi House Bill HB1248

Mississippi 2022 Regular Session

• Introduced: 1/17/22
• Refer: 1/17/22
• Failed: 2/23/22

Caption

Income tax; allow tax credit for investments in qualified clean-burning motor vehicle fuel property.

Impact

The bill outlines a structured approach towards providing tax credits based on the type of installation and equipment used. A one-time credit is allowed for up to 50% of the costs associated with modifications for vehicles that can utilize these alternative fuels. Additionally, specific provisions exist for residential fueling systems and commercial applications, including public recharging systems for electric vehicles. By facilitating the transition to alternative fuels, the bill promotes environmental sustainability and could potentially play a role in the state’s overall strategy to reduce greenhouse gas emissions.

Summary

House Bill 1248 introduces an income tax credit for individuals and businesses that invest in the installation of alternative fueling infrastructure for qualified clean-burning fuels like compressed natural gas, liquefied natural gas, and propane gas. The credit is intended to incentivize the adoption of cleaner energy solutions for motor vehicles, reflecting a shift towards more environmentally friendly transportation options. The measure aims to support both residential and commercial applications, providing a financial incentive to upgrade fueling systems and reduce dependency on traditional fuels.

Contention

While the bill presents numerous benefits in promoting clean energy, there may be concerns regarding its impact on state revenues from traditional fuel taxes. Critics could argue that incentives for alternative fuels could undermine existing tax structures designed to support transportation infrastructure. Furthermore, the allocation of tax credits could also lead to discussions about the equitable distribution of these credits, as wealthy individuals and larger businesses may have better access to the capital required for such installations. The legislative discourse around this bill will likely highlight these points of contention as stakeholders weigh the benefits against potential drawbacks.