S.1619 - Oil Independence, Limiting Subsidies, and Accelerating Vehicle Efficiency (OILSAVE) Act110th Congress (2007-2008)
Summary: S.1619 — 110th Congress (2007-2008)
Introduced in Senate (06/14/2007)
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.