A bill to amend the State and Local Fiscal Assistance Act of 1972 to take account of transfers of funds from publicly owned public utilities in computing State and local entitlements.

Amends the State and Local Fiscal Assistance Act of 1972 to take into account transfers of funds from publicly owned public utilities in addition to revenues raised by State and local taxes when calculating the general tax factor for the purpose of computing State and local revenue sharing entilements.