A bill to amend the Internal Revenue Code of 1954 to repeal the highway use tax on heavy trucks, to reduce the tax imposed on retail sales of heavy trucks and trailers, and to increase the tax on diesel fuel used in heavy trucks.

Amends the Internal Revenue Code to repeal the highway use tax on heavy trucks.

Reduces the excise tax on heavy trucks and trailers sold at retail from 12 percent to ten percent.

Increases the excise tax on diesel fuel from nine cents to 12 cents in 1983 and from 12 cents to 14 cents in 1984. Provides that diesel fuel used in automobiles and light trucks shall be exempt from such increase in the excise tax on diesel fuel.