A bill to establish an automobile efficiency tax incentive program.

Imposes a tax on each new automobile sold to a final purchaser.

Sets forth the tax for specified fuel consumption rates. Allows a tax credit against such imposed tax.

Provides an increased tax and credit for calendar years 1977-1978, 1979-1980, 1981-1982, and 1983 and thereafter.

Defines the terms used in this Act.

Requires the Administrator of the Environmental Protection Agency to determine the fuel consumption rate of each automobile with each available engine size, standard accessories, and standard tires.

States that the Administrator shall, not later than January 1, 1976, and by January 1 of each year thereafter, report to the Secretary of the Treasury a schedule of all such rates to be known as the Automobile Fuel Consumption Schedule. Requires the Automobile Fuel Consumption Schedule to be published in the Federal Register each year.

States that the label to be affixed to each new car under the Automobile Information Disclosure Act shall include: (1) the fuel consumption rate determined to be applicable for such automobile; and (2) the tax paid or credit allowed under this Act.