S 1619
110th Congress
Senate
Taxation
Automobiles
Energy
Fuel consumption
Income tax
Tax credits
Transportation and Public Works
Trucks
Oil Independence, Limiting Subsidies, and Accelerating Vehicle Efficiency (OILSAVE) Act
Everywhere this bill has been
3 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Jun 14, 2007
Read twice and referred to the Committee on Finance. (text of measure as introduced: CR S7734-7735)
Jun 14, 2007
Sponsor introductory remarks on measure. (CR S7734)
Jun 14, 2007
Introduced in Senate
Plain-English summary
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 2009-2011.
Expresses the sense of the Senate that the cost of this Act shall be offset by equivalent revenues in related legislation.
What's happening now
Read twice and referred to the Committee on Finance. (text of measure as introduced: CR S7734-7735)
Committees of jurisdiction
1