To amend the Internal Revenue Code of 1986 to allow a refundable credit for the purchase of domestically manufactured automobiles.

Amends the Internal Revenue Code to allow a tax credit for the acquisition of each qualified automobile equal to the lesser of: (1) ten percent of the cost of such automobile; or (2) $2,500 ($1,000 in the case of a qualified resale). Defines a qualified automobile as one manufactured in the United States if it is: (1) purchased in the first retail sale; or (2) acquired in a qualified resale occurring within the two-year period beginning on the date of the first retail sale.

Requires an automobile to be treated as manufactured in the United States if at least 75 percent of the cost to the manufacturer is attributable to value added in the United States or Canada. Reduces the basis of such automobile by the amount of the credit.