Automobile Fuel Consumption Tax Act

Summary

Automobile Fuel Consumption Tax Act - Imposes, under the Internal Revenue Code, a tax on all passenger automobiles equipped with an internal combustion engine, to be based on each automobile's fuel economy deficiency. Defines the fuel economy deficiency as the rate of fuel consumption which is below the fuel economy standard applicable for the period during which such automobile is sold. Sets forth the fuel economy standards. Imposes a floor stocks tax on new automobiles held by a dealer for sale. Directs the Secretary of Transportation to determine the fuel consumption rate of each new automobile and provides that this rate and the tax paid pursuant to this Act be posted on a label affixed to the automobile pursuant to the Automobile Information Disclosure Act. Establishes in the Treasury of the United States the "Energy Research and Development Trust Fund." Provides that there shall be appropriated to the Trust Fund any money in the Treasury not otherwise appropriated which is equal to the amount attributable to revenues received under this Act. Sets forth regulations for investment of the Trust Fund and provides that amounts in the Trust Fund shall be available for: (1) research and development to increase supplies of, and efficient use of, fossil fuels, and (2) exploration, research, and development to obtain and utilize new sources of energy.

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1 official file

• Introduced in House

  summary · EN · 25 February 1975

  Open at official source

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