Federal Transportation Act

[AI summary unavailable — showing source text] Federal Transportation Act - Expresses the findings of Congress and declares that it is the purpose of this Act to establish a program of coordinated Federal assistance for all forms of transportation in the United States. Defines the terms used in this Act. Establishes the Federal Transportation Trust Fund, transferring and appropriating specified amounts into such fund. Makes it the duty of the Secretary of the Treasury to: (1) hold the trust fund; (2) report annually to Congress on its financial status; and (3) invest portions of the fund not required to meet current withdrawals. Makes technical and conforming amendments to the Internal Revenue Code of 1954. States that amounts from the fund shall be used, as provided by appropriation Acts, in making payments to carry out approved comprehensive State transportation plans for fiscal years beginning after 1975 and before 1985. Sets forth the conditions of eligibility for State and political subdivision plans. Prescribes an allocation procedure for distribution of fund moneys among States, based on a population ratio. Authorizes to be appropriated such sums as necessary for the administrative expenses of carrying out this Act.…