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.

Declares the purpose of the Act, including to encourage the development, manufacture and importation of automobiles which efficiently comsume fuel. Provides, under the Internal Revenue Code, for an excise tax, beginning July 1, 1975, on new automobiles manufactured, produced, or imported, at specified rates based on the fuel consumption rate of such automobiles. Provides for increases in the amount of the tax beginning July 1, 1976 and July 1, 1977.

States that the Administrator of the Environmental Protection Agency 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 and (b) without optional accessories; and (2) which shall be conducted under specified controlled driving 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.