A bill to amend the Internal Revenue Code of 1954 to increase the Federal excise tax on gasoline, to make such tax, as increased, a permanent tax, to provide that revenues derived from the increase in, and extension of, such tax are appropriated to the general fund rather than to the Highway Trust Fund, and to provide a credit for the increased tax paid with respect to not more than 500 gallons of gasoline purchased each year by a taxpayer.

Increases the tax on gasoline sold by the producer or importer thereof, or by any producer of gasoline, to (1) 14 cents a gallon with respect to gasoline sold before January 1, 1976; and (2) 24 cents a gallon with respect to gasoline sold after December 31, 1975.

Reduces the percentage amount of gasoline taxes to be allocated to the Highway Trust Fund in calendar years 1975 and 1976.

Allows as a credit against income tax of up to $50 of the increased tax paid pursuant to this Act.