State and Local Fiscal Assistance Act Amendments

[AI summary unavailable — showing source text] State and Local Fiscal Assistance Act Amendments - Allows the use of funds to State and local governments under the State and Local Fiscal Assistance Act of 1972 for nonpriority expenditures and for projects which the Federal Government will provide additional matching funds. Authorizes appropriations to the National Trust Fund under such Act in amounts as follows: (1) for the period July 1, 1976, to September 30, 1976, $1,625,000,000; (2) for fiscal 1977, $6,537,500,000; (3) for fiscal 1978, $6,687,500,000; (4) for fiscal 1979, $6,837,500,000; (5) for fiscal 1980, $6,987,500,000; (6) for fiscal 1981, $7,137,500,000; and (7) for fiscal 1982, $7,287,500,000. Authorizes to be appropriated to such trust fund additional amounts for the same years for the noncontiguous States adjustment payments authorized by such Act. Exempts all revenue sharing funds from the new spending restrictions of the Congressional Budget Act of 1974. Authorizes to be appropriated in addition to such amounts beginning October 1, 1976, for each of the next 20 calendar quarters an amount equal to $125,000,000 plus $62,500,000 multiplied by the number of one-half percentage points by which the rate of national une…