A bill to amend the Internal Revenue Code of 1954 to impose a tax on new automobiles and trucks at a progressive rate related to their fuel consumption rate.

Revises the Internal Revenue Code to impose a tax and to allow an Automobile Efficiency Incentive Credit on every new automobile manufactured, produced, or imported, based on the fuel consumption rate of such automobile.

Requires the Administrator of the Environmental Protection Agency to study and determine the fuel consumption rates of automobiles which are or may be subject to the tax or credit imposed or allowed by this Act.

Directs the Administrator to annually prepare and transmit to the Secretary of the Treasury a schedule of fuel consumption rates to be known as the Automobile Fuel Consumption Schedule.

Imposes an excise tax of 10 percent of the retail purchase prices on every new petroleum powered recreational vehicle.