A bill to extend and revise the State and Local Fiscal Assistance Act of 1972.

[AI summary unavailable — showing source text] Permits the Secretary of the Treasury under the State and Local Fiscal Assistance Act to withhold a percentage of the total entitlement payment for any period to insure sufficient funds for final allocation of funds among the State and local units of government. Appropriates to the State and Local Government Fiscal Assistance Trust Fund: (1) $1,625,000,000 for fiscal year 1976; (2) $6,687,500,000 for fiscal year 1977; (3) $6,837,500,000 for fiscal year 1978; (4) $6,987,500,000 for fiscal year 1979; (5) $7,137,500,000 for fiscal year 1980; and (6) $7,287,500,000 for fiscal year 1981. Appropriates to the Fund as noncontiguous States adjustment: (1) $1,195,000 for fiscal year 1976; and (2) $4,780,000 for each of the fiscal years 1976 through 1981. Exempts amounts appropriated to the Fund from the provisions of the Congressional Budget Act. Directs the Secretary of the Treasury to submit a report with appropriate recommendations to the Congress no later than September 30, 1980, concerning the extension of such Act. Declares that if the entitlement of any Indian tribe or Alaskan native village is waived for any entitlement period, then the amount of such entitlement shall become part of…