A bill to amend the Internal Revenue Code of 1954 to provide for a tax on every new passenger automobile based on its fuel consumption rate, to provide for public disclosure of the fuel consumption rate of every such automobile.
Automobile Fuel Consumption Tax Act - States that the purpose of this Act is to encourage the development and manufacture of passenger automobiles which are efficient in fuel consumption.
Imposes, under the Internal Revenue Code, a tax on all passenger automobiles sold by the manufacturer, producer, or importer, at a graduated rate determined by the fuel consumption rate, in miles per gallon, of each such automobile. States that the taxable fuel consumption rate shall be the rate set forth in the Atuomobile Fuel Consumption Schedule specified in this Act.
Imposes a floor stocks tax on new automobiles held by a dealer for sale.
Directs the Administrator of the Environmental Protection Agency to periodically study the fuel consumption rates of passenger automobiles and revise the Automobile Fuel Consumption Schedule.
Requires that a label describing the fuel consumption rate and the amount of the fuel consumption tax must be affixed to all new cars sold.
Referred to House Committee on Ways and Means.
Introduced in House
Introduced in House
Referred to House Committee on Ways and Means.
checking server…
Ask anything about this bill. The AI reads the full text to answer.
Enter to send · Shift+Enter for new line