Local Revenue Assistance Act

Local Revenue Assistance Act - Requires that all revenue sharing funds, under the State and Local Fiscal Assistance Act of 1972, be allocated to local governments with none being retained by the States.

Authorizes to be appropriated to the revenue sharing trust fund the following amounts: (1) for the period January 1, 1977 through September 30, 1977, $4,903,125,000; (2) for fiscal 1978, $6,687,500,000; (3) for fiscal 1979, $6,837,500,000; (4) for fiscal 1980, $6,987,500,000; (5) for fiscal 1981, $7,137,500,000; and (6) for fiscal 1982, $7,287,500,000. Authorizes to be appropriated additional funds for noncontiguous States for the same periods. Exempts revenue sharing funds from the new spending authority requirements of the Congressional Budget Act of 1974.

Requires the Secretary of the Treasury to report to Congress on the appropriateness of extending revenue sharing beyond the period provided for by this Act.

Authorizes the Secretary to withhold revenue sharing funds from any recipient government which discriminates in the allocation of benefits of such funds on the basis of race or sex.

Requires that residents be notified of and given an opportunity to comment on the proposed use of revenue sharing funds by recipient governments.