A bill to amend the Internal Revenue Code of 1954 to provide for a tax on every new automobile with respect to its fuel consumption rate, to provide for public disclosure of the fuel consumption rate of every automobile, to provide funding to develop more efficient automobile engines.

Imposes, under the Internal Revenue Code of 1954, a tax on every new automobile, except commercial and farm vehicles, manufactured, produced, or imported between July 1, 1975 and June 30, 1980, based on their fuel consumption rates. Provides that such tax shall be paid by the manufacturer, producer or importer.

Requires the public disclosure of the fuel consumption rate of every new automobile.

Directs the Secretary of the Department of Transportation to submit to Congress, not later than July 1, 1979, a report recommending legislation which would provide for taxation of all new automobiles after June 30, 1981, based upon a universally applicable standard of fuel consumption to be developed by the Secretary.

Requires the Secretary to conduct a program to develop more efficient automobile engines, using funds received from the tax imposed by this Act.