3.0.0 3908 2023-01-12T17:52:06Z 2023-01-12T17:52:06Z Senate S S 2006-09-18 109 ssfi00 Finance Committee Senate Standing Referred to 2006-09-18T21:50:01Z 2006-09-18 ssfi00 Finance Committee Senate Read twice and referred to the Committee on Finance. (text of measure as introduced: CR S9683-9684) IntroReferral 2006-09-18 Sponsor introductory remarks on measure. (CR S9682-9683) IntroReferral B00100 9 Library of Congress 2006-09-18 Introduced in Senate IntroReferral 10000 9 Library of Congress W000779 Sen. Wyden, Ron [D-OR] Ron Wyden D OR N B000382 Sen. Bennett, Robert F. [R-UT] ROBERT BENNETT R UT F. 2006-09-18 True Taxation Automobiles Commerce Energy Fuel consumption Income tax Oil well drilling Petroleum industry Tax credits Tax deductions Transportation and Public Works Trucks Taxation 00 2006-09-18 Introduced in Senate 2006-09-22T20:32:30Z 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.

]]> Oil Independence, Limiting Subsidies, and Accelerating Vehicle Efficiency (OILSAVE) Act Display Title Oil Independence, Limiting Subsidies, and Accelerating Vehicle Efficiency (OILSAVE) Act Official Title as Introduced A bill to amend the Internal Revenue Code of 1986 to provide a credit for fuel-efficient motor vehicles and to require major integrated oil companies to amortize intangible drilling and development costs. Introduced in Senate IS Short Titles as Introduced Oil Independence, Limiting Subsidies, and Accelerating Vehicle Efficiency (OILSAVE) Act Introduced in Senate 2006-09-18T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-109s3908is/xml/BILLS-109s3908is.xml 2006-09-18 Read twice and referred to the Committee on Finance. (text of measure as introduced: CR S9683-9684) text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain. Congressional Research Service, Library of Congress This file contains bill summaries and statuses for federal legislation. A bill summary describes the most significant provisions of a piece of legislation and details the effects the legislative text may have on current law and federal programs. Bill summaries are authored by the Congressional Research Service (CRS) of the Library of Congress. As stated in Public Law 91-510 (2 USC 166 (d)(6)), one of the duties of CRS is "to prepare summaries and digests of bills and resolutions of a public general nature introduced in the Senate or House of Representatives". For more information, refer to the User Guide that accompanies this file.