Intergovernmental Antirecession Assistance Act

[AI summary unavailable — showing source text] Title I: Extension and Amendment to Title II of Public Law 94-369 - Amends the Public Works Employment Act of 1976 to authorize for three calendar quarters beginning on July 1, 1977, appropriations for payments to State and local governments to coordinate State efforts with Federal Government efforts to stimulate economic recovery. Sets forth a formula for the determination of the amount allocable to each State and unit of local government, including Indian tribes and Alaskan native villages. Includes prohibitions against discrimination on the basis of age or handicap. Title II: Amendment to the State and Local Fiscal Assistance Act of 1972 - Amends the State and Local Fiscal Assistance Act of 1972 to add a new title authorizing the Secretary of the Treasury to make payments to State and units of local government to help counter the effects of an economic recession. Describes financial conditions necessary for State eligibility and a formula for the determination of each State and local government's allocable amount. Requires each State and local government recipient to file with the Secretary a statement of assurances that regulations for handling such funds will be followed and r…