Innovative Vehicle Act - Amends the Energy Independence and Security Act of 2007 to include: (1) ultra efficient vehicles within the meaning of "advanced technology vehicle"; (2) ultra efficient vehicle manufacturers as eligible recipients of advanced vehicles manufacturing facility funding awards; (3) facilities for the manufacture of ultra efficient vehicles among facilities that are given priority for such awards; and (4) a firm that manufactures ultra efficient vehicles or components of such vehicles within the meaning of "covered firm."
Defines "ultra efficient vehicle" to mean a fully closed compartment vehicle designed to carry at least two adult passengers that achieves: (1) at least 75 miles per gallon while operating on gasoline or diesel fuel; or (2) the equivalent while operating as a hybrid electric-gasoline or electric-diesel vehicle or as a fully electric vehicle.
Requires the Secretary of Energy to reconsider applications for assistance under the advanced technology vehicles manufacturing incentive program that were timely filed but rejected because the vehicles to which the proposal related were ultra efficient vehicles and not advanced technology vehicles.