"Cash For Clunkers" Rulemaking Published
The summary of the "Consumer Assistance to Recycle and Save Act of 2009" and notice of upcoming rulemaking proceeding was published today. NHTSA, in conjunction with EPA, is to have everything ready by July 24th.
In a nutshell, trade in your old gas guzzling car or truck (must have been manufactured after mid-1984) toward a brand new one that guzzles a little less and get a $3,500 to $4,500 discount off the new one, as long as the sticker is under $45,000.
Your old vehicle will be shredded or crushed to get it off the road. You will need to have owned and insured/registered it for at least the past year to be eligible. The details are laid out on the last page of the PDF below.
Overall this will probably reduce pollution somewhat and give a slight nudge toward alleviating the recession.
Source: NHTSA (Txt, PDF)