A bill to amend the Federal Water Pollution Control Act.

Amends the Federal Water Pollution Control Act to limit the Federal share of the cost of construction of new treatment works for control of the stormwater component in combined sewer systems to 60 percent. Stipulates that no grants shall be made for the construction of works to control separate storm sewer system discharges.

Establishes criteria designed to obtain the most efficient construction necessary to achieve secondary treatment effluent standards for waste treatment works. Authorizes increases in cost to achieve additional water quality objectives or beneficial use objectives.

Authorizes modifications of permits in situations where major construction is required in order for a publicly owned treatment works to achieve applicable effluent standards under condition that: (1) construction cannot reasonably be completed within the required time; or (2) financial assistance under this Act is unavailable to achieve such time limitations. Stipulates that such extensions of time shall in no case be later than July 1, 1983.