A bill to amend the Internal Revenue Code of 1986 to provide a credit for fuel-efficient motor vehicles, and for other purposes.
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.
Became Public Law No: 110-139.
Introduced in Senate
Sponsor introductory remarks on measure. (CR S7734)
Read twice and referred to the Committee on Finance. (text of measure as introduced: CR S7734-7735)
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