Local Revenue Assistance Act

[AI summary unavailable — showing source text] Revises the State and Local Fiscal Assistance Act to change the designation of the "State and Local Government Fiscal Assistance Trust Fund" to the "Local Government Revenue Assistance Trust Fund. Makes appropriations to the Trust Fund out of amounts in the general fund of the Treasury for the transition period and for fiscal years 1976 through 1981. Directs that allocations made to States from the Trust Fund be allocated among the units of local governments of the States. Provides additional amounts to any States in which there are located one or more cities each of which has a population of 500,000 or more inhabitants.…