A bill to amend the Internal Revenue Code of 1954 to reduce the rate of tax imposed on certain petroleum products that are mixed with alcohol, and for other purposes.

Amends the Internal Revenue Code to reduce the excise tax on gasohol and special fuels mixed with alcohol from four cents per gallon to two cents per gallon.

Amends the Tariff Schedules of the United States to increase the tariff on alcohol imported for use as a fuel from 50 cents per gallon to 70 cents per gallon.