2023 Louisiana Laws › Revised Statutes › Title 47 - Revenue and Taxation › §47:6035. Tax credit for investments in qualified clean-burning motor vehicle fuel property

RS 47:6035 - Tax credit for investments in qualified clean-burning motor vehicle fuel property
A. The intent of this Section is to provide an incentive to persons or corporations to invest in qualified clean-burning motor vehicle fuel property. Any person or corporation purchasing and installing qualified clean-burning motor vehicle fuel property as specified in this Section shall be allowed a nonrefundable credit against income tax liability as determined pursuant to Subsection C of this Section.
B. As used in this Section, the following words and phrases shall have the meaning ascribed to them in this Subsection unless the context clearly indicates otherwise:
(1) "Alternative fuel" means electricity, natural gas, liquified petroleum gas, and any nonethanol based advanced biofuel.
(2) "Cost of qualified clean-burning motor vehicle fuel property" shall mean the cost of property that is directly related to the delivery of an alternative fuel into the fuel tank of motor vehicles propelled by alternative fuel, including compression equipment, storage tanks, and dispensing units for alternative fuel at the point where the fuel is delivered, provided the property is installed and located in this state and no credit has been previously claimed on the cost of such property. The cost of property that is directly related to the delivery of an alternative fuel into the fuel tank of motor vehicles propelled by alternative fuel shall not include costs associated with exploration and development activities necessary for severing natural resources from the soil or ground or costs associated with fueling station infrastructure that is not directly related to the delivery of an alternative fuel into the fuel tank of motor vehicles.
C. The credit provided for in this Section shall be allowed against individual or corporate income tax for the taxable period in which the qualified clean-burning motor vehicle fuel property is purchased and installed and shall be equal to thirty percent of the cost of the qualified clean-burning motor vehicle fuel property.
D. The secretary of the Department of Revenue in consultation with the secretary of the Department of Energy and Natural Resources shall promulgate rules and regulations in accordance with the Administrative Procedure Act as are necessary to implement the provisions of this Section.
E. No credit shall be earned pursuant to this Section for the purchase or installation of qualified clean-burning motor vehicle fuel property on or after January 1, 2022.
Acts 2009, No. 469, §1, eff. July 9, 2009, applicable to amounts paid after Jan. 1, 2009; Acts 2013, No. 219, §1, eff. June 10, 2013, Acts 2013, No. 427, §1, eff. Jan. 1, 2014; Acts 2015, No. 125, §2, eff. July 1, 2015; Acts 2015, No. 357, §1, eff. June 29, 2015 Acts 2016, 1st Ex. Sess., No. 29, §2; Acts 2017, No. 325, §§1, 2, eff. June 22, 2017; Acts 2017, No. 400, §§1 and 4, eff. June 26, 2017; Acts 2017, No. 403, §2, eff. June 26, 2017; Acts 2021, No. 385, §1, eff. July 1, 2021; Acts 2023, No. 150, §18, eff. Jan. 10, 2024.
NOTE: See Acts 2015, No. 125, §7, regarding applicability.
NOTE: See Acts 2016, 1st Ex. Sess., No. 29, §2, regarding effectiveness.