A bill to amend the National Historic Preservation Act of 1966, to establish a national historic preservation fund.

Revises the National Historic Preservation Act to allow the Secretary of the Interior to waive the restriction that no grant shall be made for more than fifty percent of the total cost involved in projects in dealing with historic preservation. Allows such waiver (1) for the preparation of statewide historic preservation plans and surveys and project plans, (2) for projects to preserve historic properties of national significance, (3) for projects to demonstrate methods and techniques of historic preservation, and (4) for projects to restore historic properties with a view to designating and preserving such properties for use as meeting houses in connection with this Nation's Bicentennial. Provides that any grant made pursuant to this Act may not exceed 70 percent of the cost of a project, and the total of such grants made pursuant to this Act in any one fiscal year may not exceed one-half of the funds appropriated for that fiscal year.

Establishes in the Treasury of the United States the National Historic Preservation Fund. Provides that from 1975 to 1980 $150,000,000 annually shall be placed in the fund to carry out the provisions of such Act. States that such funds shall be taken from revenues due to the United States under the Outer Continental Shelf Lands Act.