Local Revenue Assistance Act

[AI summary unavailable — showing source text] Local Revenue Assistance Act - Requires that all revenue sharing funds, under the State and Local Fiscal Assistance Act of 1972, be allocated to local governments with none being retained by the States. Authorizes to be appropriated to the revenue sharing trust fund for the period July 1, 1976 to September 30, 1976, the sum of $1,625,000,000, and for fiscal year 1977, through fiscal year 1982, six percent of the net amount collected from Federal individual income taxes during the immediately preceeding fiscal year. Authorizes to be appropriated additional funds for noncontiguous States for the same periods.…