More tax-break legislation for fuel-efficient vehicles
Hybrid-owner Senator Bob Bennett (R-UT) and Senator Ron Wyden (D-OR) introduced legislation to offer tax breaks to consumers buying fuel efficient vehicles. The money would come from rolling back tax deductions used by big oil companies.
Bennett, who was the first lawmaker on Capitol Hill to own a hybrid when be bought a Honda Insight, says the break would be worth $630 to $1,860 and could be used as a cash rebate on the vehicle purchase.
The bill's acronym is OILSAVE, meaning Oil Independence, Limiting Subsidies and Accelerating Vehicle Efficiency.
Bennett, who now owns a Ford Escape Hybrid, and Wyden say their bill goes further than current tax breaks that were part of the CLEAR Act. It also gives tax incentives for hydrogen fuel-cell vehicles and stations for refueling alternative vehicles.
Also, the Bennett measure would give tax breaks for those who purchase gas vehicles that offer high fuel economy.
[Source: Salt
Reader Comments (Page 1 of 1)
Howard Lee Harkness 12:57PM (9/20/2006)
Why does Senator Bennett think that fuel-efficiency needs a subsidy?
Oh, vote-buying...
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Mark_H 10:08PM (9/20/2006)
Sounds good to me, especially if they want to extend tax credits to all fuel efficient vehicles, not just gas-electric hybrids.
Maybe we could pay for this by rolling back the tax break given to purchasers of the very large suv's.
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