State and Local Fiscal Assistance Act Amendments

[AI summary unavailable — showing source text] State and Local Fiscal Assistance Act Amendments - Deletes present provisions of the State and Local Fiscal Assistance Act of 1972 requiring the use of revenue sharing funds for priority expenditures only. Authorizes to be appropriated specified sums for the period July 1, 1976, through September 30, 1976; fiscal year 1977, 1978, 1979, 1980, and 1981; and the period October 1, 1981, through December 31, 1981. Modifies the Act to conform to the periods for which this Act authorizes appropriations. Decreases the amount of revenue sharing payments allocated to any unit of local government from the present rate of 50 percent of the sum of such governments adjusted taxes and its transfer payment receipts by steps of five percent each year until, by the beginning of fiscal year 1980, such payments will be 25 percent of such taxes and transfers. Permits tax payments made to special service districts serving citizens within the area of a local government to be treated as adjusted taxes of such local government for purposes of computing such local governments revenue sharing entitlement. Requires each State or unit of local government which receives revenue sharing funds to report annually …