Energy Independence and Conservation Act

Energy Independence and Conservation Act - Imposes an additional 5-cent tax on gasoline sold by the producer or importer thereof for calendar year 1975. Increases the tax 5 cents per gallon for each of calendar years 1976 and 1977, and to 17.5 cents per gallon through September 30, 1978.

Provides a credit against income tax for the taxes imposed under this Act to individuals who (1) have an adjusted gross income less than one-half of the amount of the Urban Family Budget as determined by the Bureau of Labor Statistics; or (2) are handicapped.

Imposes a 50-cent-per-pound excise tax on automobiles over 3,000 pounds, increasing the rate of tax for each 500 pounds over 3,500 pounds by 50 cents per pound.

Provides a formula for the mandatory reduction in foreign oil imports to be effective 90 days after enactment of this Act.