Automobile Fuel-Economy Act

[AI summary unavailable — showing source text] Automobile Fuel - Economy Act - Imposes a graduated excise tax on all passenger automobiles sold by the manufacturer based upon the fuel efficiency rate of such automobile. Increases annually over an eight year period the fuel efficiency rates required to avoid imposition of the taxes. Imposes a floor stock tax on any passenger automobile which was sold by a manufacturer and is held for sale by a dealer on the annual day on which fuel efficiency requirements are increased. Bases the amount of each tax on the difference between the annual rates. Directs the Secretary of the Treasury to pay to each individual who purchases a new fuel efficient automobile an amount determined by the fuel efficiency rate of such automobile. Increases over a six year period the fuel efficiency rate necessary to receive a payment. Permits an individual to receive only one such payment during the one year period following the purchase of a fuel efficient car. Requires the basis of any new passenger car with respect to which a fuel efficiency payment has been made to be reduced by the amount of such payment. Directs the Administration of the Environmental Protection Agency to establish test procedures to d…