S.3908 - Oil Independence, Limiting Subsidies, and Accelerating Vehicle Efficiency (OILSAVE) Act109th Congress (2005-2006)
|Sponsor:||Sen. Wyden, Ron [D-OR] (Introduced 09/18/2006)|
|Committees:||Senate - Finance|
|Latest Action:||09/18/2006 Read twice and referred to the Committee on Finance. (All Actions)|
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Summary: S.3908 — 109th Congress (2005-2006)All Information (Except Text)
Introduced in Senate (09/18/2006)
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.