A bill to implement the tax aspects of the Comprehensive National Energy Policy.

Exempts, for the purposes of this Act, the Governments of American Samoa, Guam, and the Virgin Islands from the requirement that they enact the same tax laws as are enacted under the Internal Revenue Code.

Allows a non-refundable income tax credit for a portion of the expenses incurred by an individual for the installation of solar energy equipment, insulation, and other energy saving components during taxable years 1977 through 1984 in a pre-existing principal residence. Limits the credits taken by an individual for the same residence by specific amounts for different types of expenditures during different years.

Imposes an additional excise tax on automobiles to penalize vehicles with poorer fuel efficiency. Establishes an initial tax scale for the 1978 model year, ranging from $449 on automobiles with less than 13 miles per gallon (mpg) fuel economy to no tax on automobiles with 18 mpg or better. Increases this tax over seven years to a final scale for 1985 and later model years ranging from $2,488 on cars with less than 12.5 mpg fuel economy, to no tax on cars achieving 27.5 mpg or better.

Grants a rebate, or excise tax credit to automobile manufacturers for the sale of cars with good fuel efficiency. Establishes a graduated scale of credits initially ranging from $47 for a car with a fuel economy of 19 mpg, to $473 for a car with a fuel economy greater than 39 mpg. Increases this scale over eight years to range from $62 for cars with a rating above 28.5 mpg, to $500 for ratings greater than 39.5 mpg. Limits the credit to sales of domestically manufactured cars, and to foreign made cars pursuant to executive agreements designed to protect domestic manufacturers from adverse effects arising from the fuel efficiency excise taxes and rebates.

Imposes a standby gasoline tax equal to five cents per gallon for each full percentage point that domestic consumption exceeds the national target level for the preceeding year. Establishes target levels which increase to a 1980 high of 7.45 million barrels average daily consumption, and then decrease to 6.5 million barrels daily after 1986. Limits the annual tax increase to five cents per gallon, and the cumulative increase to 50 cents. Assesses the tax on gasoline sold by producers and importers, and on gasoline held for sale by retailers. Allows refunds of this tax, when the applicable tax decreases, on gasoline sold to retailers but not held at the place intended for retail sale, if the decrease is passed on to the retailer through a partial refund.

Allows a refundable income tax credit to an individual equal to the product of the individual's personal exemptions and the applicable per capita payment of standby gasoline tax receipts for the taxable year. Directs the Secretary of the Treasury, in consultation with the Federal Energy Administration, to determine the per capita payment upon a base amount, derived by subtracting the anticipated business deductions for the standby gasoline tax from total standby revenues, after accounting for administrative costs. Limits refunds of this credit to individuals qualifying for the earned income credit, or who have dependent children living with them, have earned income, and, if married, have filed joint returns.

Increases the excise taxes on special fuels for motorboats and noncommercial aircraft.

Repeals the excise tax on motor bus bodies and chassis. Refunds excise taxes paid by producers, manufacturers and importers on buses sold to intermediate dealers, but not yet sold to the ultimate purchaser, where corresponding refunds are made to the dealers and on buses sold to ultimate purchasers after April 20, 1977 and on or before this Act's enactment.

Allows investment tax credits for the installation of electric power boosters, coal and other non-petroleum power facilities, coal pollution control devices, solar equipment and other energy conservation devices prescribed by the Secretary of the Treasury in consultation with the Federal Energy Administration. Limits the credit to expenses attributable to construction between April 20, 1977 and January 1, 1983, on pre- existing business property.

Imposes, over a two year period, a crude oil equalization tax on domestically produced crude oil, in an amount equal to the higher cost of imported oil, less tariffs and import fees. Refunds the amount of this tax attributable to domestically refined distillate fuel oil, as determined by the Federal Energy Administrator, to retailers where the retailer has sold and delivered the oil into the tank of a residential structure, and reduced the price to the purchaser by an equivalent amount. Directs the Secretary of the Treasury to determine the per capita payment of crude oil equalization taxes, after subtracting business deductions for the tax and retailer refunds from anticipated revenues, and to provide an equivalent income tax credit in the same manner as for rebates of the standby gasoline tax. Provides for suspension of the crude oil tax, through executive order, where increases in the price of imported oil outstrip the rate of inflation and pose serious economic harm for domestic products.

Grants equivalent rebates from the gasoline standby and crude petroleum use taxes to persons without taxable income by requiring appropriate payments by the States, with Federal reimbursement. Requires early payment of such rebates to persons qualifying for Old Age, Survivors and Disability Insurance benefits and medicaid benefits under the Social Security Act and benefits under the Railroad Retirement Acts of 1935, 1937, or 1974. Requires early payment of such rebates to recipients of aid to families with dependent children, by their States, with Federal reimbursement. Prohibits any computation of such rebates in determining any individual's or family's eligibility for any Federal, State or local aid or assistance, or treatment as an increase in income or a reduction in Federal taxes under State law.

Directs all employers to adjust employee withholding taxes to reflect the rebates allowable from the crude oil equalization and gasoline standby taxes.

Imposes an oil consumption tax on taxable electric utilities equal to 25 cents per million BTU's used annually after 1982. Imposes an oil consumption tax on other trades or businesses in accordance with a graduated scale of taxable oil use, ranging from 60 percent of 600 billion BTU's to 100 percent of 1,500 billion BTU's. Increases the tax on the taxable use of oil, over a seven year period, from 15 to 50 cents per million BTU's. Imposes a tax on natural gas use by utilities after 1982, and other businesses after 1978, for an amount equal, after intermediate adjustments during interim periods, to the excess cost of certain distillate petroleum products over natural gas per BTU. Imposes this tax against the same amount of taxable energy use as is liable under the oil consumption tax for non-utilities. Exempts petroleum use otherwise taxable under the retailer or manufacturers excise taxes, and specified uses of petroleum and natural gas from both of the consumption taxes. Allows non-utilities a credit against such taxes for the expenses incurred in the installation, after 1977, of power sources using coal, and for coal preparation, transportation and pollution control devices and facilities. Grants a credit against the consumption taxes to electric utilities for expenses incurred after April 20, 1977 in converting oil or natural gas powered generating equipment to equipment utilizing other fuels. Specifies the minimum tax treatment of intangible drilling expenses relating to oil, gas, and geothermal wells.