Fair Share Rural Development Act of 1988

Fair Share Rural Development Act of 1988 - Title I: Proportionate Distribution of Federal Contracts and Grants - Directs the Office of Management and Budget to develop a plan by 1995 for the proportionate istribution of Federal contracts and Federal grants among the regions and States of the United States.

Title II: Reorganization of the Department of Agriculture - Renames the Department of Agriculture the Department of Agriculture and Rural Development. Establishes within such Department the Rural Development. Establishes with such Department the Rural Development and Fiance Administration, headed by an Undersecretary of Rural Development and Finance who shall be appointed by the Secretary of Agriculture and Rural Development, by and with the advice and consent of the Senate.

Title III: Rural Development and Finance Administration - Directs the Undersecretary to coordinate and administer all activities of the Federal Government relating to rural development. Directs the Undersecretary to provide matching grants to States for: (1) rural development planning and promotion; (2) rural technology development; and (3) rural finance and venture capital activities. Transfers from within the Department of Agriculture and Rural Development to the Rural Development tand Finance Administration the offices, functions, and personnel of: (1) the Farmers Home Administration; (2) the Soil Conservation Service; (3) the Rural Electrification Administration; (4) the Rural Telephone Bank; and (5) the Federal Crop Insurance Corporation.

Establishes within the Rural Development and Finance Administration the Rural Advocacy Office to: (1) represent the views and interests of rural areas in search of Federal contracts; and (2) act as an advocate for rural economic development, regulatory relief for rural areas, and fair treatment for such areas in the awarding of Federal grants.

Title IV: Increase in Federal payments in Lieu of Taxes to Units of General Local Government - Amends Federal law to revise the formula used, in connectionn with Bureau of Land Management (BLM) holdings, to determine the amount of payments the Secretary of the Interior must make to local goverments in lieu of taxes, permitting a payment option equal to three-fourths of one percent of the fair market value of the entitlement land, up to the amount that would be due if the land were subject to local property tax. Directs the Secretary, not later than July 1, 1990, and at least every five years thereafter, to appraise all entitlement lands to determine fair market value.

Requires indexing of per acre formulas used to determine payments in lieu of taxes with respect to both BLM and National Wildlife Refuge System lands.

Amends the Refuge Revenue Sharing Act to appropriate rather than authorize the appropriation of funds to the Refuge Revenue Sharing Fund whenever receiipts are less than aggregate required payments.

Authorizes the Secretaryof the Interior to reduce payments in lieu of taxes in connection with National Wildlife Refuge System lands based on fair market value that exceed amounts that would be due if the land were subject to local property tax.

Title V: Tariff on Oil Imports - Amends the Tariff Schedules of the United States to authorize the Secretary of Energy to determine the fourr-week average price and the additional variable rate for the tariff on certain imported petroleum and petroleum products.

Establishes the Petroleum Tariff Account for the collection of revenues incident to the imposition of the additional variablee rate. Makes amounts in such Account available only for purposes of reducing the Federal budget deficits.