Small Business Regulatory Assistance Act of 1998

Small Business Regulatory Assistance Act of 1998 - Amends the Small Business Act to require each participating Federal agency (the Internal Revenue Service, Environmental Protection Agency, and Department of Labor), the Assistant Administrator for Small Business Development Centers of the Small Business Administration, and representatives of an association representing a majority of small business development centers (SBDCs) to agree to a small business regulatory compliance assistance plan.

Directs the Assistant Administrator to develop and publish guidelines for the establishment by SBDCs of a system of small business voluntary regulatory compliance (system), with specified guideline requirements. Outlines the assistance to be provided to participating small businesses, with an exception concerning legal services.

Requires annual reports from: (1) each SBDC to the Assistant Administrator on assistance provided; and (2) the Assistant Administrator to the House and Senate Small Business Committees and the Regulatory Fairness Board concerning the assistance provided under this Act, the level of outreach to small businesses achieved by SBDCs, and recommendations for improvements in the regulation of small businesses participating in the system. Directs the Comptroller General to evaluate the system and submit findings to such Committees.

Provides State funding limits for such assistance, with exceptions and an exemption from matching requirements.

Prohibits the Assistant Administrator from providing any funds to an SBDC after September 30, 2000, unless such SBDC has been approved for funding under a certification requirement (with a waiver for a good faith effort to achieve such certification).

Authorizes appropriations for FY 1999 through 2002.