Vehicle Energy Performance Act of 2024 This bill creates a refundable tax credit for new qualified high energy performance motor vehicles. The bill also modifies the calculation of the excise tax on fuel-inefficient vehicles (gas guzzler tax). The amount of the tax credit is based on a vehicle’s energy performance in the current and prior model year in comparison with the median and best vehicle energy performance overall in the prior model year. The maximum tax credit allowed is $5,000 beginning with model year 2026. The bill defines a new qualified high energy performance vehicle as any passenger automobile or light truck with a greater than median energy performance as compared to the same passenger automobile or light truck for the prior model year. A vehicle’s energy performance is based on miles per gallon-gasoline equivalent (MPGe). The bill requires the Department of the Treasury to publish the median and best vehicle energy performance for the model year by December 1, 2025, and for each year after, based on information reported by vehicle manufacturers. Finally, the bill imposes an excise tax on vehicles with low energy performance (beginning with model year 2028), which is based on a vehicle’s energy performance in the current and prior model year in comparison with the median and best vehicle energy performance overall in the prior model year. Under current law, the gas guzzler tax is imposed on vehicles that do not meet a fuel efficiency standard of at least 22.5 miles per gallon (MPG).