National Transportation Act

National Transportation Act - Declares the Congressional finding that the development and implementation of a balanced national transportation system embracing all modes of transportation which will contribute to the provision of rapid, safe, efficient, and convenient movement of persons and goods is essential to the general welfare, the economic growth, and the stablity and security of the National.

Title I: National Transportation - Requires the Secretary of Transportation to develop a comprehensive plan for the effective implementation of national transportation policies.

Provides that such plan shall include recommendations as to: the most effective utilitzation of money; the reorganization of governmental functions relating to transportation; and proposed legislation.

Directs the Secretary to consult with regional, State, and local transportation agencies in developing the comprehensive plan.

Provides that until Congress approves the utilization provisions for the Transportation Fund, transitional authority is granted to make allocations for the Trust Fund to highways, aviation and urban mass transportation programs.

Title II: Transportation Trust Fund Revenue Act - Creates a Transportation Trust Fund which will be available for expenditures in accordance with the comprehensive national transportation plan to be approved by the Congress.

Authorizes the sale and manner of sale of obligations which the trust fund may acquire and requires the interest earned by the Trust Fund shall be added to form a part of the Trust Fund.

Authorizes the Treasury to make advances to the Trust Fund to be repaid when receipts catch up with expenditures.

Requires the Secretary of the Treasury to hold the Trust Fund, and (after consultation with the Secretary of Transportation) to report to the Congress not later than the first day of March of each year on the financial conditions and the results of the operations of the Trust Fund during the current and next ensuing fiscal year, up to and including the fiscal year ending June 30, 1982.

Directs the Secretary of the Treasury to transfer from the Trust Fund to the Treasury amounts equivalent to credits allowed under the Internal Revenue Code relating to gasoline and lubricating oil and to the Land and Water Conservation Fund amounts equivalent to taxes received on or after January 1, 1965 with respect to special motor fuels and gasoline used in motorboats.