A bill to amend the Internal Revenue Code of 1954 to provide for a tax on every new automobile with respect to its fuel consumption rate, to provide for public disclosure of the fuel consumption rate of every automobile, to provide funding to develop more efficient automobile engines.

Imposes upon every new automobile manufactured, produced, or imported beginning July 1, 1978, and ending June 30, 1981, a graduated tax under the Internal Revenue Code based on the gasoline consumption rate of the automobile to be determined solely on the basis of the Automobile Fuel Consumption Schedule prepared by the Secretary of Transportation.

Directs the Secretary to study and investigate the fuel consumption rates of automobiles with and without specified fuel consuming accessories, and with each available engine size. Specifies the conditions under which such studies shall be made.

Directs the Secretary to develop universal automobile fuel consumption standards and procedures for rating such consumption as the basis for legislation taxing the fuel consumption rate of all new automobiles manufactured, produced, or imported after June, 30, 1983.