State Minimum Return Act of 1991

State Minimum Return Act of 1991 - Declares any State eligible for a positive reallocation of Federal expenditures in the categories of procurement contracts and need-based programs if the State has a Federal expenditure to Federal tax ratio of less than 90 percent. Declares any State with a ratio of between 90 and 100 percent eligible for a positive reallocation in the category of procurement contracts. Requires the Director of the Office of Management and Budget (OMB) to determine a State's eligibility, taking into account subsidies for water and power programs through Government corporations.

Declares all Federal expenditures subject to reallocation, except expenditures for: (1) subsidized water and power programs; (2) compensation and allowances of Federal officers and employees; (3) maintenance of Federal buildings and installations; (4) offsetting receipts; and (5) programs for which the Government assumes the total cost and in which direct payment is made to nongovernmental recipients.

Sets forth reallocation mechanisms designed to ensure that by the end of FY 1996 each State receives an amount of Federal spending equal to at least 90 percent of the State's Federal tax burden.

Amends the Consolidated Federal Funds Report Act of 1982 to extend through FY 1996 the reporting requirements of the OMB Director with respect to Federal funds obligated for expenditure or expended in each State and various local units.

Directs the Secretary of the Treasury to study and report to the Congress on the impact of Federal spending, tax policy, and fiscal policy on State economies and the economic growth rate of States and regions.