A bill to amend title V of the Motor Vehicle Information and Cost Savings Act, "Improving Automotive Efficiency," to exempt automobile manufacturers producing fewer than 10,000 vehicles per year from both the fuel economy standards and the semiannual reporting requirements, and for other purposes.

Amends the Motor Vehicle Information and Cost Savings Act to exempt manufacturers of fewer than 10,000 passenger automobiles in any model year from the average fuel economy standards for such year. Exempts from such standards manufacturers whose domestically manufactured production commenced after a specified date. States that the failure of any manufacturer to comply with any average fuel economy standard shall not be deemed unlawful conduct if the manufacturer has sufficient credits or time in which to gain such credits to offset the amount or any penalty which would otherwise be assessed.

Permits credits earned for exceeding the required fuel economy levels for any given model year to be used to offset any penalties such manufacturer may have incurred for the three consecutive model years prior to such year or any penalties such manufacturer may incur in the succeeding three consecutive model years.