The House Energy Committee has released a compromise "Cash For Clunkers" plan, which is quite different than the two previous competing bills.
You can read the whole thing here.
One big change is that the plan is only good for one year, not the 3 years of HR1550.
The quick summary:
$3,500 for a new vehicle of at least 22mpg, if old one was at most 18mpg; 4mpg improvement
$4,500 for a new vehicle of at least a 10mpg improvement
Light Trucks & SUVs
$3,500 for a new vehicle of at least 18mpg, if 2mpg improvement
$4,500 for a new vehicle of at least a 5 mpg improvement
Large Light Duty Truck (6,000-8,500 lbs)
$3,500 for a new vehicle of at least 15mpg, if 1mpg improvement
$4,500 for a new vehicle of at least 2mpg improvement
Work Truck (8,500-10,000lbs)
$3,500 for any new vehicle if old vehicles pre-2002
The one page summary did not mention scrappage details, so I assume the rules will be simlar to HR520 and 1550.
There is no domestic or NAFTA favoritism here--any vehicle make qualifies. The mileage requirements are modest. It will be easy for people to use the credit, which is good. But the duration is short, so many people won't be ready to take advantage of the credit.
I think this will be a good shot in the arm to the automotive industry, with modest fuel economy benefits.