2007 Regular Session
To: Ways and Means
By: Representative Franks
AN ACT TO PROVIDE AN INCOME TAX CREDIT FOR TAXPAYERS WHO PURCHASE NEW HYBRID ELECTRIC VEHICLES WITHOUT THE INTENT TO RESELL THE VEHICLE; TO LIMIT THE AMOUNT OF THE TAX CREDIT TO THE LESSER OF $2,000.00 OR 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; TO PROVIDE THAT ANY UNUSED PORTION OF THE TAX CREDIT MAY BE CARRIED FORWARD FOR THE NEXT FIVE SUCCEEDING TAX YEARS; AND FOR RELATED PURPOSES.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MISSISSIPPI:
SECTION 1. (1) For the purposes of this section, the term "hybrid electric vehicle" means a private carrier of passengers or light carrier of property, as defined in Section 27-51-101, that:
(a) Meets all applicable federal and state regulatory requirements;
(b) Meets the current vehicle exhaust standard set under the National Low-Emission Vehicle Program for gasoline powered passenger cars; and
(c) Draws propulsion energy from the following sources:
(i) An internal combustion engine or heat engine using any combustible fuel; and
(ii) An onboard rechargeable energy storage system.
(2) Subject to the provisions of this section, any taxpayer who purchases a new hybrid 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 Two Thousand Dollars ($2,000.00) or 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 was purchased, and a hybrid electric vehicle may qualify for the credit only one (1) time. To the extent that the allowable tax credit exceeds the amount of the taxpayer's liability for the taxable year, the unused portion of the tax credit may be carried forward for the next five (5) succeeding tax years until the full amount of the tax credit has been used.
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. 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 those claims, assessments, appeals, suits or actions have been begun before the date on which this act becomes effective or are begun after; 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 those 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 those laws.
SECTION 4. This act shall take effect and be in force from and after January 1, 2007.