S.768 - Fuel Economy Reform Act110th Congress (2007-2008)
|Sponsor:||Sen. Obama, Barack [D-IL] (Introduced 03/06/2007)|
|Committees:||Senate - Finance|
|Latest Action:||Senate - 03/06/2007 Read twice and referred to the Committee on Finance. (consideration: CR S2703-2706) (All Actions)|
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Summary: S.768 — 110th Congress (2007-2008)All Information (Except Text)
Introduced in Senate (03/06/2007)
Fuel Economy Reform Act - Amends federal transportation law to: (1) revise the definitions of automobile to require including all automobiles up to 10,000 pounds (currently, not all automobiles up to 10,000 pounds are required to be included in the definition) and passenger automobile to eliminate the exclusion of automobiles capable of off-highway operation; and (2) continue applying the current minimum corporate average fuel economy (CAFE) standards for non-passenger and passenger automobiles to automobiles manufactured through model year 2012, but, for passenger automobiles, adds an increase of four percent per year in such standard for model years 2010 through 2012.
Requires an average fuel economy standard of 27.5 miles per gallon for all automobiles manufactured by all manufacturers for model year 2013, with an increase of four percent in the average fuel economy from the level for the prior model year for model year 2014 and beyond.
Subjects each manufacturer of passenger automobiles manufactured in a model year, in addition to such CAFE standards, to an average fuel economy standard equal to 92% of the average fuel economy projected by the Secretary for all passenger automobiles manufactured by all manufacturers in that model year.
Permits lower fuel economy standards if the minimum standards: (1) are technologically unachievable; (2) materially reduce auto safety and no offsetting safety improvements can be implemented; or (3) are not cost effective.
Allows, with specified exceptions, the selling of credits between manufacturers.
Allows a person who has been aggrieved by, or suffers a legal wrong because of (currently, adversely affected by), a CAFE standard to apply for judicial review.
Amends the Internal Revenue Code to: (1) terminate the limitation on the number of new qualified hybrid and advanced lean burn technology vehicles eligible for the alternative motor vehicle credit; (2) extend, through 2011, the alternative vehicle credit for certain new qualified hybrid motor vehicles; and (3) allow an advanced technology motor vehicles manufacturing credit.