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.

Expresses the findings of Congress and declares that it is the purpose of this Act to encourage the development and manufacture of automobiles which efficiently consume gasoline.

Imposes, under provisions of the Internal Revenue Code relating to motor vehicle excise taxes, upon every new automobile manufactured, produced, or imported a tax based on rates of the fuel consumption of such automobile. Sets forth such rates, in terms of miles per gallon, for July 1, 1975 through September 30, 1977, and increases such rates for the period October 1, 1977 to September 30, 1980. States that the tax shall be paid by the manufacturer, producer, or importer.

Directs the Secretary of the Department of Transportation to study the fuel consumption rates of automobiles which are subject, or may be subject, to the tax imposed by this Act, and on the basis of such studies, determine the fuel consumption of each automobile, to be compiled in a public document, the Automobile Fuel Consumption Schedule.

Requires, under the Automobile Information Disclosure Act, that labels include specified fuel consumption information.

Sets deadlines for the Secretary to meet in: (1) establishing fuel consumption rates for existing and new automobiles; and (2) recommending legislation for fuel consumption rate taxation after September 30, 1980.