3.0.0 3737 2017-12-15T00:46:16Z 2017-12-15T00:46:16Z Senate S S 2008-12-11 110 ssbk00 Banking, Housing, and Urban Affairs Committee Senate Standing Referred to 2008-12-11T23:07:21Z 2008-12-11 ssbk00 Banking, Housing, and Urban Affairs Committee Senate Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. IntroReferral 2008-12-11 Introduced in Senate IntroReferral 10000 9 Library of Congress H000206 Sen. Harkin, Tom [D-IA] THOMAS HARKIN D IA RICHARD N D000563 Sen. Durbin, Richard J. [D-IL] Richard Durbin D IL J. 2008-12-11 True Transportation and Public Works Automobile industry Automobiles Buy American Commerce Economic stabilization Economics and Public Finance Energy Fuel consumption Subsidies Transportation and Public Works 00 2008-12-11 Introduced in Senate 2009-01-13T17:08:42Z Sell Fuel Efficient Cars Act of 2008 - Directs the Secretary of the Treasury to establish the Passenger Automobile Trade-In Program to provide eligible individuals with subsidies to purchase eligible new automobiles in exchange for eligible old automobiles.

Defines as eligible individuals those who (among other requirements) do not have more than three passenger automobiles registered under his or her name and whose adjusted gross income was not more than $25,000 ($40,000 in the case of a joint tax return).

Defines as eligible new automobiles (among other requirements) those that were manufactured by a U.S. automaker whose failure would have a systemic adverse effect on the overall U.S. economy, were assembled in the United States, and have a fuel economy of not less than 25 miles per gallon (MPG) or more than 4.9 MPG greater than the eligible old automobile.

Defines as eligible old automobiles (among other requirements) those that are operable, were first registered by any person not less than ten years before a trade is initiated, and are registered under the eligible individual's name before December 1, 2008.

Directs the Secretary to provide $10,000 to the seller (automaker) of each new automobile who trades a new automobile to an eligible individual in exchange for an old automobile. Requires the eligible individual to pay the seller the difference between the purchase price of the new automobile and the $10,000 provided by the Secretary.

Requires eligible old automobiles to be destroyed and disposed of.

]]> Sell Fuel Efficient Cars Act of 2008 Short Titles as Introduced Sell Fuel Efficient Cars Act of 2008 Display Title Sell Fuel Efficient Cars Act of 2008 Official Title as Introduced A bill to require the Secretary of the Treasury to carry out a program to enable certain individuals to trade certain old automobiles for certain new automobiles, and for other purposes. Introduced in Senate 2008-12-11T05:00:00Z https://www.govinfo.gov/content/pkg/BILLS-110s3737is/xml/BILLS-110s3737is.xml 2008-12-11 Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. 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.