Local Tax Relief Act

[AI summary unavailable — showing source text] Local Tax Relief Act - Amends the Rail Reorganization Act of 1973 to authorize and direct the Secretary of Transportation to pay overdue State and local real estate and personal property taxes incurred by any railroad in reorganization at the request of such State, local government, or railroad in reorganization. Conditions such payments on the assignment from such State or local government to the United States of all liens, preferences or other rights the Secretary deems necessary to protect the interests of the United States. Authorizes appropriations in such amounts as may be necessary to carry out the provisions of this Act. Provides that this Act shall expire on December 31, 1978.…