A bill to amend the Internal Revenue Code of 1954 to impose an excise tax on passenger automobiles not containing qualified passive restraint systems and to provide for a system of returning the revenues raised by such tax on a pro rata basis to those who purchase passenger automobiles with qualified passive restraint systems.

Amends the Internal Revenue Code to impose a $500 excise tax on the sale by the manufacturer of each automobile that does not contain a qualified passive restraint system to protect front-seat occupants. Requires that all occupants be protected by passive restraint systems in automobiles manufactured after September 1, 1999.

Directs the Secretary of the Treasury to submit a legislative proposal to the Congress designed to make the amount of the excise tax imposed on any vehicle commensurate with the average charge for qualified passive restraint systems as optional equipment.

Directs the Secretary to return the revenues raised by such excise tax on a pro rata basis to purchasers of passenger automobiles with qualified restraint systems.