Amends 49 U.S.C. 32905(e) by (1) replacing the preface to paragraph (1) phrase 'At the request of the manufacturer, the Administrator may' with 'The Administrator shall', (2) replacing 'model year 2015' with 'model year 2026' in paragraph (1), and (3) replacing paragraph (2) to require a review and update of the formula within 3 years of enactment and every 3 years thereafter, using real-world data if possible.

Amends 49 U.S.C. 32908(b)(3) by redesignating existing subparagraphs (B), (C), and (D) as (D), (E), and (F), and inserting new subparagraphs (B) and (C). New (B) requires labels to indicate the fuel economy when operated primarily on alternative fuel. New (C) requires labels to indicate the multi-day average fuel economy when operated on a combination of alternative fuel and gasoline or diesel fuel, with percentage utilizations determined by a formula based on real-world data and updated not less frequently than every 3 years.

Amends 49 U.S.C. 32908(c)(2)(B) by changing punctuation in clause (i), redesignating clause (ii) as clause (iii), and inserting a new clause (ii) requiring inclusion of information on the multi-day average fuel economy of the automobile when operated on a combination of alternative fuel and gasoline or diesel fuel as indicated under subsection (b)(3)(C).

Amends subsection (a) of 26 U.S.C. 1016 by adding a new paragraph at the end (paragraph (39)) referencing adjustments to basis 'to the extent provided in section 30E(e)(1)'.

Inserts a new subsection (m) into 26 U.S.C. 6501 (limitations on assessment and collection), as indicated by the conforming amendment note referencing 'Section 6501(m)'.

Replaces the existing 'gas guzzler tax' section with a new 'low vehicle energy performance fee' imposing a per-vehicle fee formula, adding definitions (including 'low energy performance vehicle', 'vehicle energy performance', 'median' and 'best' vehicle energy performance, and referencing combined fuel-economy rating under 49 U.S.C. 32908), and an inflation-adjustment rule beginning after 2029.

Conforming amendment replacing each occurrence of the term 'gas guzzler tax' with 'low vehicle energy performance fee' in section 4217 (including subsection (e) references to leases of automobiles subject to the tax).