A bill to amend the provisions of the Toxic Substances Control Act relating to asbestos in the Nation's schools to extend the deadline for submission of asbestos management plans and to provide financial assistance to States to carry out certain asbestos activities.

Amends the Toxic Substances Control Act to extend the deadline for local educational agencies to submit school asbestos management plans to their State Governors to April 12, 1989.

Authorizes appropriations to the Environmental Protection Agency (EPA) for FY 1989 so that the EPA may provide grants to States to: (1) hire additional personnel to review asbestos management plans; (2) pay for the training of employees of schools or regional or intergovernmental educational entities to conduct school asbestos inspection and management activities; (3) reimburse local educational agencies or schools for excessive or unduly burdensome costs of contracts entered into before May 15, 1988, for asbestos inspection and management plan development services; and (4) reimburse each school for asbestos inspection and management plan development expenditures that exceed two percent of the school's total annual budget.