Directed Revenue Sharing Act of 1988

[AI summary unavailable — showing source text] Directed Revenue Sharing Act of 1988 - Amends Federal law to establish a directed revenue sharing program of payments to local governments of high unemployment and low-income communities. Sets forth the general framework for the timing of payments and for adjustments. Establishes in the Treasury a Local Government Essential Services Trust Fund, with the Secretary of the Treasury as the personal trustee, and authorizes FY 1989 through 1991 appropriations to finance it. Presents formulas for various allocations of these amounts. Authorizes FY 1989 through 1991 amounts to the Department of Commerce for specified administrative functions. Describes qualifying criteria for and conditions to be met by local governments seeking entitlement under the program. Withholds payments in cases of noncompliance. Directs the Secretary, for each entitlement period, to allocate: (1) special entitlements for Indian tribes, Alaska Native villages, and the District of Columbia; and (2) funds to each State (for subsequent allocation to local governments) in accordance with a formula based on the State's need factor and relative fiscal capacity factor. Entitles local governments to a share of the State fu…