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 new automobile.

Declares the purposes of the Act, including to encourage the manufacture and importation of automobiles which efficiently consume fuel.

Provides, under the Internal Revenue Code, for an excise tax on new automobiles manufactured, produced, or imported at specified rates, calculated with respect to the fuel consumption rate of such automobiles. Provides for an increase in the amount of the tax beginning July 1, 1981.

States that the Secretary of Transportation shall investigate the fuel consumption rates of automobiles which are subject, or may be subject, to the tax. Requires that such investigations include tests: (1) of each automobile model subject to such tax equipped: (a) with each available engine size, (b) with each, and combinations of each, type of optional accessory which has a significant effect on fuel consumption economy; and (2) which shall be conducted under specified controlled conditions.

Requires, under the Automobile Information Disclosure Act, that every label required to be affixed shall include, in the case of any automobile on which a tax was imposed by the Internal Revenue Code (relating to automobile fuel economy taxes): (1) the fuel consumption rate determined to be applicable for such automobile; and (2) the tax paid.