Education Revenue Sharing Act

[AI summary unavailable — showing source text] Education Revenue Sharing Act - States that the Congress has found current Federal education assistance programs too narrow in scope to meet the Federal Government's responsibility to help States meet the costs of education in areas of special national concern. Authorizes necessary appropriations to fund the revenue sharing program, effective for the fiscal year ending June 30, 1975. Authorizes necessary appropriations to enable the Secretary of Health, Education, and Welfare to make payments to States during the period January 1, 1974, to June 30, 1974, which will assist the States in planning for transition from the existing system of categorical educational grants to the revenue sharing system provided for in the Act. Prescribes the amounts of revenue to be shared with each State and how such revenue is to be used. Directs the Secretary of HEW to allot to each State 60 percent of the average per pupil education expenditure in the United States multiplied by the average daily attendance of children in public elementary or secondary schools of such State who resided on Federal property. Provides that such amount may be used for any educational purpose. Sets forth a formula for com…