WASHINGTON, D.C. — U.S. Sens. Jeff Bingaman (D-N.M.), and Olympia Snowe (R-Maine), have introduced Senate Bill 1620, the "Efficient Vehicle Leadership Act." S.B. 1620 will amend the Internal Revenue Code of 1986 to provide tax incentives and fees for increasing motor vehicle fuel economy. The bill has been referred to the Senate Committee on Finance.

Bingaman and Snowe are members of the committee.

According to Bingaman's office, the legislation "creates a program that rewards consumers who buy cars and trucks that get better gas mileage than the average overall fuel economy required for its class. Motorists who buy models which exceed that CAFE standard will receive a 'fuel performance rebate' (claimed on their tax return or paid instantly by the dealer, whichever the buyer prefers), an amount tied to the fuel savings over and above the relevant CAFE standard. The savings can range from several hundred to several thousand dollars, depending on the vehicle's fuel economy relative to other models of the same size.

Conversely, for inefficient, gas-gulping vehicles, manufacturers will be assessed a fuel performance fee to pay for the program."

Congress had authorized $4 billion for the Cash for Clunkers program, first appropriating $1 billion then an additional $2 billion. The original legislation still allows for an additional $1 billion to be allotted to Cash for Clunkers.

To view the full text of U.S. Senate Bill 1620, please visit ASA's legislative Web site at www.TakingTheHill.com.