Bill Text: MS HB1659 | 2012 | Regular Session | Introduced
Bill Title: Income tax; authorize a credit for manufacturers of all-electric motor vehicles.
Spectrum: Partisan Bill (Republican 1-0)
Status: (Failed) 2012-03-28 - Died In Committee [HB1659 Detail]
Download: Mississippi-2012-HB1659-Introduced.html
MISSISSIPPI LEGISLATURE
2012 Regular Session
To: Ways and Means
By: Representative Boyd
House Bill 1659
AN ACT TO PROVIDE AN INCOME TAX CREDIT FOR MANUFACTURERS OF ELECTRIC MOTOR VEHICLES, INCLUDING LOW- AND MEDIUM-SPEED ELECTRIC VEHICLES, IN THE STATE OF MISSISSIPPI; TO DEFINE CERTAIN TERMS USED IN THE ACT; TO PRESCRIBE THE PER-VEHICLE MAXIMUM AMOUNT OF THE CREDIT, BASED ON THE TYPE OF ELECTRIC VEHICLE, 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) "Electric motor vehicle" means a new motor vehicle originally equipped to be propelled only by electricity which may be operated legally on public roads and highways in this state and for which a license tag is required under Chapter 19, Title 27, Mississippi Code of 1972. The term "electric motor vehicle" does not include:
(i) Medium-speed electric motor vehicles; or
(ii) Low-speed electric motor vehicles.
(b) "Electric motor vehicle manufacturer" means a manufacturer, as defined under Section 27-65-11, of electric motor vehicles; however, the term "electric motor vehicle manufacturer" does not include any entity solely engaged in adding modifications to existing electric motor vehicles, existing medium-speed electric motor vehicles or existing low-speed electric motor vehicles.
(c) "Low-speed electric motor vehicle" means a new four-wheeled electrical vehicle meeting all of the following criteria:
(i) Is powered by an electric motor that draws current from rechargeable storage batteries or other sources of electrical current;
(ii) Has a top speed greater than twenty (20) miles per hour but not greater than twenty-five (25) miles per hour;
(iii) Is manufactured in compliance with the National Highway Traffic Safety Administration standards as contained in 49 C.F.R. 571.500; and
(iv) Is required to have a license tag under Chapter 19, Title 27, Mississippi Code of 1972.
(d) "Medium-speed electric motor vehicle" means any self-propelled, electrically powered four-wheeled motor vehicle meeting all of the following criteria:
(i) Is equipped with a roll cage or crush-proof body design;
(ii) The vehicle's speed attainable in one (1) mile is more than thirty (30) miles per hour but not greater than thirty-five (35) miles per hour;
(iii) Other than the speed requirement prescribed under item (ii) of this paragraph, is manufactured in compliance with the National Highway Traffic Safety Administration standards as contained in 49 C.F.R. 571.500; and
(iv) Is required to have a license tag under Chapter 19, Title 27, Mississippi Code of 1972.
(2) There shall be allowed a one-time credit to electric motor vehicle manufacturers against the income tax imposed by this chapter for electric motor vehicles, medium-speed electric motor vehicles and low-speed electric motor vehicles manufactured after June 30, 2012.
(3) The credit provided for in subsection (2) of this section shall be as follows:
(a) For an electric motor vehicle defined in paragraph (a) of subsection (1) of this section, a per-vehicle-manufactured credit of Two Thousand Dollars ($2,000.00).
(b) For a medium-speed electric motor vehicle defined in paragraph (d) of subsection (1) of this section, a per-vehicle-manufactured credit of One Thousand Dollars ($1,000.00).
(c) For a low-speed electric motor vehicle defined in paragraph (c) of subsection (1) of this section, a per-vehicle-manufactured credit of Five Hundred Dollars ($500.00).
(4) If the tax credit allowed under 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 an offset 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) The Department of Revenue is empowered to promulgate rules by which the purpose of this section shall be administered.
(6) The credit authorized by this section may not be claimed with respect to any one vehicle based upon multiple definitions as set out in subsection (1) of this section even if the vehicle otherwise would qualify for tax credits based upon qualification pursuant to more than one definition.
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, 2012.
