A bill to amend the Emergency Petroleum Allocation Act of 1973 to direct the President to establish a program for the end-use allocation of gasoline; to amend the Internal Revenue Code of 1954 to impose an energy conservation tax on gasoline.

Revises the Emergency Petroleum Allocation Act to require the President to promulgate a rule which establishes a program for the end use allocation of gasoline, the ordering of priorities among classes of end users of gasoline, and the assignment of rights to end users of gasoline. Extends for five years the President's authority to promulgate, to amend, and to issue orders under the Act.

Imposes a tax under the Internal Revenue Code of 40 cents a gallon on gasoline sold to any person not purchasing for resale, or used by any person unless the sale of such gasoline was taxed. Exempts from the tax such gasoline sold to any person under the end use alloation system established by this Act. Exempts from such tax gasoline sold for farm use, as supplies for vessels, for use in commercial aviation, and for use in public transportation.

Directs the Secretary of the Treasury to pay to a purchaser who has paid the excise tax assessed under this Act the amount of the tax if such purchaser uses the gasoline for an exempt purpose. Allows all persons not eligible for the direct payment of the tax to take a credit against the income tax for the amount of tax paid.