Territorial Assistance Act of 1980

[AI summary unavailable — showing source text] Territorial Assistance Act of 1980 - Title I: Tax Matching Grants - Authorizes the Secretary of the Interior to make tax matching grants to the governments of Guam and the Virgin Islands. Declares that such grants shall be based on a formula that includes a ratio of the territory's local tax collections to the per capita income of the territory, and shall be paid on a quarterly basis during fiscal years 1982 through 1985. Prescribes limits on annual grant payments. Directs the Governors of Guam and the Virgin Islands, by July 1, 1981, to submit to the Secretary for approval a plan designed to eliminate the respective territory's general fund deficits by the beginning of fiscal year 1985. Requires that such plan provide for: (1) implementation of an effective budgeting and accounting system; and (2) quarterly goals and timetables. Prohibits the Secretary from making any tax matching grants until such plan has been approved. Directs the Secretary to withhold any quarterly grant payments upon determining that a territory is not meeting the goals on timetables established in the plan. Requires each Governor to report to the Secretary on the success or failure of the territory in meetin…