S. 1619Senate110th Congress (2007-2009)In Committee

Oil Independence, Limiting Subsidies, and Accelerating Vehicle Efficiency (OILSAVE) Act

Sponsored by Ron WydenSen. Ron Wyden (D-OR)
Introduced June 14, 2007

Legislative Activity

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2 earlier actions
SenateIntro Referral Latest Action

Read twice and referred to the Committee on Finance. (text of measure as introduced: CR S7734-7735)

June 14, 2007

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SenateIntro Referral

Introduced in Senate

June 14, 2007

SenateIntro Referral

Sponsor introductory remarks on measure. (CR S7734)

June 14, 2007

SenateIntro Referral

Read twice and referred to the Committee on Finance. (text of measure as introduced: CR S7734-7735)

June 14, 2007

Floor Debate

12 members

What members said about S. 1619 on the floor

6 Republicans6 Democrats
Mitch McConnell
Sen. Mitch McConnellR-KY · Jun 14, 2007

Mr. President, earlier this year, while the Senate was resuming its business in a new Congress, two dozen families on the other side of the world were fleeing their homes. Ninety-four men and women,…

Maria Cantwell
Sen. Maria CantwellD-WA · Jun 14, 2007

Mr. President, I rise today to introduce the Oil Pollution Prevention and Response Act of 2007 with my colleague Senator Kerry, This comprehensive legislation strengthens and builds upon the Oil…

Olympia J. Snowe
Sen. Olympia J. SnoweR-ME · Jun 14, 2007

Mr. President, I rise today to once again introduce legislation to encourage the deployment of next generation wireless services in rural areas. Cell phones have become a vital part of so many lives.…

Orrin G. Hatch
Sen. Orrin G. HatchR-UT · Jun 14, 2007

Mr. President, I rise to introduce the Fuel Reduction using Electrons to End Our Dependence on the Mideast Act of 2007, or the FREEDOM Act. Senators Maria Cantwell, Barack Obama, and I have been…

Dianne Feinstein
Sen. Dianne FeinsteinD-CA · Jun 14, 2007

Mr. President, I rise today with Senator McConnell and 54 of our colleagues to introduce a joint resolution renewing the ban on all imports from Burma for another year. Simply put, the ruling State…

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Mike Crapo
Sen. Mike CrapoR-ID · Jun 14, 2007

Mr. President, I am pleased to introduce today a bill to address the increasing need for electric power transmission in our country. The Nation's network of transmission lines is the super-highway of…

Max Baucus
Sen. Max BaucusD-MT · Jun 14, 2007

Mr. President, I am pleased to join my friend and colleague, Senator Grassley, in introducing legislation to preserve the corporate tax base. The Federal Government taxes corporations. The tax law…

John F. Kerry
Sen. John F. KerryD-MA · Jun 14, 2007

Mr. President, last month, Americans emptied their wallets at the pump, paying record prices that reached $3.22 a gallon according to the Department of Energy's Energy Information Administration.…

Jeff Bingaman
Sen. Jeff BingamanD-NM · Jun 14, 2007

Mr. President, today I introduce legislation with my colleagues, Senator Coleman, Senator Lincoln, Senator Ben Nelson, Senator Kerry, and Senator Collins, that will help to address the critical…

Ron Wyden
Sen. Ron WydenD-OR · Jun 14, 2007

Mr. President, today Senator Bennett and I are reintroducing legislation to provide a significant financial incentive for automakers to produce, and for their customers to buy, more fuel efficient…

Ron Wyden
Sen. Ron WydenD-OR · Jun 14, 2007

Mr. President, today Senator Bennett and I are reintroducing legislation to provide a significant financial incentive for automakers to produce, and for their customers to buy, more fuel efficient…

Chuck Grassley
Sen. Chuck GrassleyR-IA · Jun 14, 2007

Mr. President, this legislation that Senator Baucus and I are introducing addresses an important issue--preserving the integrity of the Tax Code. Recent public offerings, effected and announced, by…

James M. Inhofe
Sen. James M. InhofeR-OK · Jun 14, 2007

Mr. President, today I introduce S. 1623. I introduce this bill to prevent the imposition of global taxes on the United States. The current efforts of the United Nations and other international…

Bill Text

Latest available legislative text

Reading Mode
Latest
Introduced in SenateIssued June 14, 2007

II

110th CONGRESS

1st Session

S. 1619

IN THE SENATE OF THE UNITED STATES

June 14, 2007

Mr. Wyden (for himself and Mr. Bennett) introduced the following bill; which was read twice and referred to the Committee on Finance

A BILL

To amend the Internal Revenue Code of 1986 to provide a credit for fuel-efficient motor vehicles, and for other purposes.

1.

Short title

This Act may be cited as the Oil Independence, Limiting Subsidies, and Accelerating Vehicle Efficiency (OILSAVE) Act.

2.

Tax credit for fuel-efficient motor vehicles

(a)

In general

Subpart B of part IV of subchapter A of chapter 1 of the Internal Revenue Code of 1986 (relating to other credits) is amended by inserting after section 30C the following new section:

30D.

Fuel-efficient motor vehicle credit

(a)

Allowance of credit

There shall be allowed a credit against the tax imposed by this chapter for the taxable year an amount equal to the applicable amount for each new qualified fuel-efficient motor vehicle placed in service by the taxpayer during the taxable year.

(b)

New qualified fuel-efficient motor vehicle

For purposes of this section, the term new qualified fuel-efficient motor vehicle means a motor vehicle (as defined under section 30(c)(2))—

(1)

which is a passenger automobile or a light truck,

(2)

which—

(A)

in the case of a passenger automobile, achieves a fuel economy of not less than 34.5 miles per gallon, and

(B)

in the case of a light truck, achieves a fuel economy of not less than 27.5 miles per gallon,

(3)

the original use of which commences with the taxpayer,

(4)

which is acquired for use or lease by the taxpayer and not for resale, and

(5)

which is made by a manufacturer for model year 2009, 2010, or 2011.

(c)

Applicable amount

For purposes of this section, the applicable amount shall be determined as follows:

If the motor vehicle
achieves a fuel economy of:
In the case of
a passenger
automobile,
the applicable
amount is:
In the case of
a light
truck,
the applicable
amount is:
27.5 miles per gallon$0$630
28.50710
29.50780
30.50850
31.50920
32.50980
33.501,040
34.56301,090
35.57001,140
36.57601,190
37.58201,240
38.58801,280
39.59401,320
40.59901,360
41.51,0401,400
42.51,0901,430
43.51,1401,470
44.51,1801,500
45.51,2201,530
46.51,2601,560
47.51,3001,590
48.51,3401,620
49.51,3701,640
50.51,4101,670
51.51,4401,690
52.51,4701,720
53.51,5001,740
54.51,5301,760
55.51,5601,780
56.51,5901,800
57.51,6101,820
58.51,6401,840
59.5 or more1,6601,860.
(d)

Other definitions and special rules

For purposes of this section—

(1)

Fuel economy

The term fuel economy has the meaning given such term under section 32901(a)(10) of title 49, United States Code.

(2)

Model year

The term model year has the meaning given such term under section 32901(a)(14) of such title.

(3)

Other terms

The terms passenger automobile, light truck, and manufacturer have the meaning given such terms in regulations prescribed by the Administrator of the Environmental Protection Agency for purposes of the administration of title II of the Clean Air Act.

(4)

Reduction in basis

For purposes of this subtitle, the basis of any property for which a credit is allowable under subsection (a) shall be reduced by the amount of such credit so allowed.

(5)

No double benefit

(A)

Coordination with other vehicle credits

No credit shall be allowed under subsection (a) with respect to any new qualified fuel-efficient motor vehicle for any taxable year if a credit is allowed with respect to such motor vehicle for such taxable year under section 30 or 30B.

(B)

Other tax benefits

The amount of any deduction or credit (other than the credit allowable under this section and any credit described in subparagraph (A)) allowable under this chapter with respect to any new qualified fuel-efficient motor vehicle shall be reduced by the amount of credit allowed under subsection (a) for such motor vehicle for such taxable year.

(6)

Property used outside the United States, etc., not qualified

No credit shall be allowable under subsection (a) with respect to any property referred to in section 50(b)(1) or with respect to the portion of the cost of any property taken into account under section 179.

(7)

Election not to take credit

No credit shall be allowed under subsection (a) for any vehicle if the taxpayer elects not to have this section apply to such vehicle.

(8)

Interaction with air quality and motor vehicle safety standards

Unless otherwise provided in this section, a motor vehicle shall not be considered eligible for a credit under this section unless such vehicle is in compliance with—

(A)

the applicable provisions of the Clean Air Act for the applicable make and model year of the vehicle (or applicable air quality provisions of State law in the case of a State which has adopted such provision under a waiver under section 209(b) of the Clean Air Act), and

(B)

the motor vehicle safety provisions of sections 30101 through 30169 of title 49, United States Code.

(e)

Credit May Be Transferred

(1)

In general

A taxpayer may, in connection with the purchase of a new qualified fuel-efficient motor vehicle, transfer any credit allowable under subsection (a) to any person who is in the trade or business of selling new qualified fuel-efficient motor vehicles, but only if such person clearly discloses to such taxpayer, through the use of a window sticker attached to the new qualified fuel-efficient vehicle—

(A)

the amount of any credit allowable under subsection (a) with respect to such vehicle, and

(B)

a notification that the taxpayer will not be eligible for any credit under section 30 or 30B with respect to such vehicle unless the taxpayer elects not to have this section apply with respect to such vehicle.

(2)

Consent required for revocation

Any transfer under paragraph (1) may be revoked only with the consent of the Secretary.

(3)

Regulations

The Secretary may prescribe such regulations as necessary to ensure that any credit described in paragraph (1) is claimed once and not retransferred by a transferee.

.

(b)

Conforming amendments

(1)

Section 1016(a) of the Internal Revenue Code of 1986 is amended by striking and at the end of paragraph (36), by striking the period at the end of paragraph (37) and inserting , and, and by adding at the end the following new paragraph:

(38)

to the extent provided in section 30D(d)(4).

.

(2)

Section 6501(m) of such Code is amended by inserting 30D(d)(7), after 30C(e)(5),.

(3)

The table of section for subpart C of part IV of subchapter A of chapter 1 of such Code is amended by inserting after the item relating to section 30C the following new item:

.

(c)

Effective date

The amendments made by this section shall apply to property placed in service after the date of the enactment of this Act with respect to model years 2009, 2010, and 2011.

3.

Sense of the Senate regarding offsetting revenues

It is the sense of the Senate that the cost of the amendments made by section 2 shall be offset by equivalent revenues specified in related legislation.