New Options Petroleum Energy Conservation Act of 2006

The New Options Petroleum Energy Conservation Act of 2006 (H.R. 5375) proposes a series of financial incentives and research investments aimed at reducing U.S. dependence on foreign oil and lowering greenhouse gas emissions. The bill would extend existing tax credits for homeowners and businesses that install solar energy equipment and would allow for faster tax deductions for companies building biofuel refineries.

For consumers, the most notable provision is a $1 billion prize offered to the first American automaker to produce and sell 60,000 mid-sized sedans capable of achieving 100 miles per gallon. Additionally, the legislation would provide federal funding for the development of advanced lithium-ion batteries and create new tax credits for "climate neutral" power plants that capture carbon dioxide to produce fuel without releasing harmful air pollutants.