Targeted Fiscal Assistance Payments to Local Governments Act

[AI summary unavailable — showing source text] Targeted Fiscal Assistance Payments to Local Governments Act - Entitles local governments to an allocation of funds from the Local Government Targeted Fiscal Assistance (TFA) Trust Fund. Authorizes appropriations to the Trust Fund. Authorizes appropriations to the Department of Commerce for FY 1987 for administrative expenses. Sets forth eligibility requirements for TFA payments, including that funds support essential public services. Authorizes the Secretary to withhold TFA payments if a local government has not substantially complied with such requirements. Provides for special allocations of TFA funds for Indian tribes, Alaskan native villages, and the District of Columbia. Directs the Secretary to allocate TFA funds to each State (for subsequent allocation to local governments) according to a specified formula based on the need factor, the general tax effort factor, and the relative fiscal gap factor, as defined in this Act, for each State. Entitles local governments to a portion of such State's funds according to a specified formula based on the following factors, as defined in this Act, for each unit of local government relative to all units in such State: (1) the unit's popu…