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S 3908 109th Congress Senate Taxation Automobiles Commerce Energy Fuel consumption Income tax Oil well drilling Petroleum industry Tax credits Tax deductions Transportation and Public Works Trucks

Oil Independence, Limiting Subsidies, and Accelerating Vehicle Efficiency (OILSAVE) Act

Introduced: September 18, 2006 Introduced by: Wyden, Ron Democratic · Oregon See on congress.gov
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 Everywhere this bill has been 3 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Sep 18, 2006
Read twice and referred to the Committee on Finance. (text of measure as introduced: CR S9683-9684)
Sep 18, 2006
Sponsor introductory remarks on measure. (CR S9682-9683)
Sep 18, 2006
Introduced in Senate
 Plain-English summary Congressional Research Service

Oil Independence, Limiting Subsidies, and Accelerating Vehicle Efficiency (OILSAVE) Act - Amends the Internal Revenue Code to allow a tax credit for the purchase of a new qualified fuel-efficient motor vehicle. Defines "new qualified fuel-efficient motor vehicle" as a passenger automobile with a fuel economy rating of not less than 34.5 miles per gallon or a light truck with a 27.5 miles per gallon rating which are manufactured for model years 2007-2011.

Denies major integrated oil companies (companies with an average daily production of crude oil of at least 500,000 barrels and gross receipts in excess of $1 billion for a taxable year) the option to expense intangible drilling and development costs.

What's happening now September 18, 2006

Read twice and referred to the Committee on Finance. (text of measure as introduced: CR S9683-9684)

 Committees of jurisdiction 1