Tax Relief and Energy Conservation Tax Act

Tax Relief and Energy Conservation Tax Act - Allows a tax credit of $300 under the Internal Revenue Code for each taxable year for each personal exemption claimed by a taxpayer. Authorizes quarterly payments of such credit if the estimated overpayments for the taxable year exceed $100. Provides that such credits shall not be treated as income.

Allows a tax credit equal to 20 cents per gallon of gasoline and special fuels times the number of gallons attributable the commuting or business related highway travel in excess of 10,000 miles during the taxable year. Defines "commuting or business related highway travel" to include transportation between an individual's residence and the postsecondary educational institution at which he is a student or the facility at which he participates in a job training program.

Allows another personal exemption for dependents in addition to the one authorized to be taken as credit under this Act to individuals not filing joint returns. Redefines the term "dependent" for the purposes of such additional personal exemption.

Imposes an gasoline sold by the producer or importer thereof, or by any producer of gasoline, a normal tax of 4 cents per gallon to be reduced to 1 1/2 cents per gallon on October 1, 1977. Imposes, in addition to the tax imposed above, an energy conservation tax of 20 cents an energy conservation tax of 20 cents per gallon on gasoline sold by the producer or importer thereof. Provides that such tax shall be imposed on floor stocks held by a dealer for sale on the month after enactment of this Act, but not on retail stocks held at the retail outlet at such time. Provides that gasoline used as fuel in any nonhighway vehicle used for recreational purposes shall not be subject to the energy conservation tax.

Imposes an additional excise tax on diesel fuel and special motor fuels sold for use or used in diesel-powered highway vehicles or any recreational non-highway vehicle or in any aircraft in noncommercial aviation.

Repeals the deduction for State and local taxes on gasoline and certain motor fuels.

Makes technical amendments with respect to the Highway Trust Fund and the Airport and Airway Trust Fund.