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

Summary

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.

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3 official files

• Introduced in Senate (text)

  Introduced in Senate · EN · 18 September 2006

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• Introduced in Senate (PDF)

  Introduced in Senate · EN · 18 September 2006

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• Introduced in Senate

  summary · EN · 18 September 2006

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