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In November 2005, Senator Joe Lieberman (D-CT), Senator Sam Brownback (R-KS), and others introduced the "Vehicle and Fuel Choices for American Security" bill. The bill aims to break American dependence on foreign oil by mandating 10 million barrels of oil savings per day by 2031.
Specifically, the bill would provide the followig incentives:
- Manufacturer Incentives - Federal tax credits for manufacturers and suppliers who are retooling to manufacture advanced diesels and hybrids. The credits would cover 35% of investment for incremental costs incurred to refurbish facilities (up to $75,000,000 yearly).
- Consumer Incentives - Lift the per manufacturer cap that currently exists on consumer tax credits for hybrids and advanced diesels.
- Fleet Incentives - Provide tax credits for companies that have fleets of 100 or more vehicles to purchase more fuel-efficient vehicles for their fleet.
The bill also includes other measures to reduce oil use, such as setting targets for manufacturers to produce hybrids, advanced diesels, plug-in hybrids and alternative fuel vehicles, increasing incentives for ethanol infrastructure development, setting regulations for federal and state fleets to reduce their petroleum consumption. A very similar bill entitled the "Enhanced Energy Security" bill was introduced in May 2006, by Senator Bingaman (D-NM) and others.
For more information, please visit:
- Senator Lieberman's website.
- Senator Bingaman's website.
- Library of Congress - S. 2025