S.1055: A bill to promote the future of the American automobile industry, and for other purposes.

A bill to promote the future of the American automobile industry, and for other purposes. 3/29/2007--Introduced. American Automobile Industry Promotion Act of 2007 - Directs the Secretary of Energy to: (1) offer to enter into an arrangement with the National Academy of Sciences to assess state-of-the-art battery technologies with potential application for electric drive transportation; (2) conduct a program of research, development, demonstration, and commercial application for electric drive transportation technology (i.e., vehicles that use electric motors for all or part of the motive power); and (3) establish and carry out an Advanced Battery Initiative to support research, development, demonstration, and commercial application of battery technologies in on-road or nonroad vehicles.Amends the Internal Revenue Code to redefine the new advanced lean burn technology motor vehicle credit for high-efficiency diesel passenger automobiles and light trucks to eliminate [...]

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