It is not law yet, but if it will become law and it looks like it will. Waiting to buy a new car until it passes could be well worth it. I say this because it is unclear whether you will be able to take advantage of both the Clunker Bill and the Tax Credit for buying specific cars. In other words if you trade in an old car (getting a government rebate) and buy a Prius (getting a Tax Credit) would both apply? If they would you could get like nearly 10K off the price of the car making Prius or any other hybred car affordable. Since it is a House of Reps. Bill on first read in the Senate I can not tell you what it will say in the end but as I say, first the Proposed Tax Credit.

Not there silly here:

http://thomas.loc.gov/cgi-bin/bdquery/D?d111:9:./temp/~bdJxBz::|/bss/|

H.R.2751
Title: To accelerate motor fuel savings nationwide and provide incentives to registered owners of high polluting automobiles to replace such automobiles with new fuel efficient and less polluting automobiles.
Sponsor: Rep Sutton, Betty [OH-13] (introduced 6/8/2009)      Cosponsors (59)
Related Bills: H.R.2640
Latest Major Action: 6/11/2009 Read the second time. Placed on Senate Legislative Calendar under General Orders. Calendar No. 74.

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Interpreted in a sick way here:

http://www.thetruthaboutcars.com/bailout-watch-554-cash-for-clunkers-passes-house/

Bailout Watch 554: Cash For Clunkers Passes House

By Edward Niedermeyer
June 10, 2009

The House of Representatives has passed Rep Betty Sutton’s $4 billion scrappage scheme [download full text here], reports CNN Money. The bill now goes to the Senate. Under Sutton’s bill, clunkers with a combined 18 miles per gallon rating or worse would be eligible for a scrappage rebate. Purchasing new vehicle which exceeds its replacement’s rating by four miles per gallon would earn a $3,500 rebate. Improve the combined EPA average by 10 mpg and snag $4,500. Offer good for one year. Or until we tear through $4 billion in a wholesome, American display of redemptive consumption. I’m sorry, I mean “shore up millions of jobs and stimulate local economies . . . improve our environment and reduce our dependence on foreign oil. The [Consumer Assistance to Recycle and Save] act demonstrates that we can free ourselves from the false argument of either you are for the environment or you are for jobs. You can do both, you must do both.” As the bill’s author modestly puts it.

CNN Money »

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I hate to be pessimistic but anytime you involve the Feds, the House and the Senate in legislation that directly effects, OIL, Gasoline and the Internal Combustion Engine, I think you have troubles ahead my friend. Here is a site that is very optomistic:

http://www.webwire.com/ViewPressRel.asp?aId=94525

A ‘Cash for Guzzlers’ website was launched to help keep consumers informed and aware about the pending approval of the Cash for Guzzlers bill. The measure, if approved by Congress and signed by President Barack Obama, would offer up to $4,500 in the form of a voucher for consumers who would trade in their old gas guzzler for a more fuel efficient car.

The new bill aims at improving environmental conditions by encouraging consumers driving old cars to trade in their vehicle for a voucher of up to $4,500 that can be used towards the purchase of a more fuel efficient vehicle. If passed, the new bill could lead to the purchase of over 1 million fuel efficient cars, a measure some say could help the US become less dependent on foreign oil. The bill is expected to be passed before Memorial Day weekend.

According to the proposal, consumers would get a $3,500 voucher if they trade in a car that gets less than 18 mpg for a new car with mileage of at least 22 mpg. Vouchers of $4,500 would be awarded if the new car gets at least 10 mpg more than the old.

More information for consumers is available at the recently established website for the Cash for Guzzlers bill, http://www.cashforguzzlers.net/

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This one kinda thinks NOT:

http://www.ohio.com/news/nation/44956957.html

Gas-guzzler voucher plan hits roadblock Calif. senator criticizes compromise for failure to boost fuel economy

By Kevin Freking
Associated Press

Published on Thursday, May 14, 2009

WASHINGTON: Legislation that would give car buyers a government voucher up to $4,500 when they trade in gas guzzlers hit a speed bump in the Senate amid concerns that a compromise between the White House and House Democrats doesn’t go far enough to protect the environment.

Sen. Dianne Feinstein, D-Calif., who authored the ”cash for clunkers” bill in the Senate, said Wednesday that she can’t support the compromise announced last week after House Democrats met with President Barack Obama on global warming.

”Essentially what it means is that perfectly good vehicles would be scrapped, so that vehicles with below average fuel economy could be purchased,” Feinstein said.

Rep. Betty Sutton, D-Copley Township, introduced the House version in March, reviving an effort that failed in Congress earlier this year.

The program is supposed to serve two purposes: Help the struggling automobile industry and the environment by replacing gas guzzlers with more fuel efficient autos.

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Stay tuned. It is going to be a long global warming summer.

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