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 Lake Tribune ]