A bill to establish an urban mass transportation trust fund for the purpose of providing more substantial and more assured Federal assistance for urgently needed projects and programs under the Urban Mass Transportation Act of 1964.

Establishes an urban mass transportation trust fund in the Treasury of the United States.

Authorizes to be appropriated to the fund past unexpended and future appropriations under the Urban Mass Transportation Act, 40 percent of the annual funds received in the highway trust fund, and such additional sums as may be necessary each year to make expenditures under this Act.

Invests the management duties over the fund in the Secretary of the Treasury. Requires the Secretary, beginning in 1974, to report to the Congress annually on the status of the trust fund.

Provides that amounts in the trust fund shall be available for making expenditures to meet obligations of the United States which are incurred on or after the effective date of this Act under the Urban Mass Transportation Act.