A bill to amend the Internal Revenue Code of 1954 to impose an additional excise tax on the sale of certain imported automobiles in the United States.

Amends the Internal Revenue Code to impose an additional excise tax on imported automobiles manufactured in a foreign country imports of whose automobiles account for more than ten percent of the new automobiles sold in the United States for the most recent 12-month period for which data are available. Imposes such tax in each case also on parts or accessories sold in connection with such sales. Directs the Secretary of the Treasury to determine for each quarter such tax in an amount equivalent to the nontariff barrier for the same quarter imposed by the foreign country of manufacture on United States automobiles exported to such country.

Defines "nontariff barrier" as any practice or procedure of a country which unreasonably burdens, restricts, or discriminates against United States automobiles in such country's automobile market. Includes commodity taxes, inspection or testing procedures, product approval requirements, and road or other excise taxes.

Authorizes the President to waive such excise tax for any quarter (up to four consecutive quarters at a stretch) with respect to automobiles manufactured by any person if he determines that such person is making a good faith effort to ameliorate the imbalance in automobile trade between the United States and the country in which such person is located: (1) by limiting exports of his automobiles to the United States; (2) by manufacturing automobiles in the United States; or (3) by complying fully with all treaties and agreements with the United States respecting automobile trade. Specifies circumstances under which such waiver may be extended.

Grants the Congress a veto over any such Presidential waiver by way of a disapproval resolution. Describes the procedure for exercising such veto.

Requires the appropriation of amounts equivalent to such excise taxes into the Federal Old-Age and Survivors Insurance Trust Fund.

Terminates the tax imposed by this Act after December 31, 1985.