[Congressional Record Volume 154, Number 111 (Tuesday, July 8, 2008)]
[Extensions of Remarks]
[Page E1407]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




     INTRODUCING THE ENERGY EFFICIENT AND ENVIRONMENTALLY FRIENDLY 
                       AUTOMOBILE TAX CREDIT ACT

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                             HON. RON PAUL

                                of texas

                    in the house of representatives

                         Tuesday, July 8, 2008

  Mr. PAUL. Madam Speaker, I rise today to introduce the Energy 
Efficient and Environmentally Friendly Automobile Tax Credit Act, 
legislation that will help Americans reduce pollution and the amount 
they pay for gas. My legislation accomplishes these important goals by 
providing Americans a tax credit of up to $2,000 when they sell or 
trade in a car and obtain a vehicle that has at least a 20 percent 
higher average fuel economy than the sold or traded-in car. The bill 
also creates a Federal tax deduction for any State or local taxes paid 
on the purchase of the more fuel-efficient automobile and makes 
interest on loans to purchase the more fuel-efficient automobile tax 
deductible.
  This legislation will help Americans cope with high gas prices by 
making it easier for them to obtain more fuel-efficient cars. I hope my 
colleagues would agree that Congress should provide free market 
incentives to make it easier for Americans to exchange their current 
cars for cars that create less pollution.
  Providing tax deductions and tax credits to make it easier for 
Americans to purchase fuel-efficient automobiles is a win for American 
consumers, a win for the environment, and a win for those of us who 
favor free market solutions to pollution and high gas prices. I urge my 
colleagues to support this legislation.

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