A bill to offset the loss in tax revenues incurred by Guam and the Virgin Islands by reason of certain Federal tax reductions.

[AI summary unavailable — showing source text] Authorizes the Secretary of the Treasury to make separate payments for each of the calendar years 1978, through 1982 to the governments of Guam and the Virgin Islands. Directs such payments be equal to the amount lost to such possessions with respect to tax returns for such calendar year by reason of the Tax Reduction Act of 1975, the Revenue Adjustment Act of 1975, the Tax Reform Act of 1976, the Tax Reduction and Simplification Act of 1977 and the Revenue Act of 1978.…