- Not enactedThe President has not signed this bill
- The house has not voted
- The senate has not voted
Committee on FinanceIntroducedMay 20th, 2009
- senate Committees
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Oil Independence, Limiting Subsidies, and Accelerating Vehicle Efficiency Act
A bill to amend the Internal Revenue Code of 1986 to provide tax incentives for increasing motor vehicle fuel efficiency, and for other purposes.
Oil Independence, Limiting Subsidies, and Accelerating Vehicle Efficiency Act or the OILSAVE Act - Amends the Internal Revenue Code to: (1) allow a new tax credit for the purchase of fuel-efficient motor vehicles; (2) allow a business-related tax credit for the installation of fuel savings components in motor vehicles; and (3) revise the gas guzzler tax for automobiles with fuel economy ratings of less than 24.2 miles per gallon of gasoline (or equivalent amount of other fuel) consumed. Increases civil penalties for violations of manufacturer corporate average fuel economy (CAFE) standards. Amends the Energy Policy Act of 2005 to require: (1) the Administrator of the Environmental Protection Agency (EPA) to implement a program to support deployment of low-greenhouse gas and fuel-saving technologies; and (2) the Secretary of Commerce to define and collect data on characteristics of the U.S. truck fleet, with emphasis on data relating to fuel efficiency and greenhouse gas performance.