Emergency Livestock Assistance Act

Emergency Livestock Assistance Act - Authorizes the Secretary of Agriculture to designate a State or subdivision thereof as an emergency area if the combined hay, forage, or pasture losses are 40 percent below normal production for such area.

Authorizes the Secretary to pay three-fourths of the cost of transporting a 90 day supply of hay and forages to livestock producers in such areas. Allows the Secretary to extend such time period if such action is neccessary and appropriate. States that such assistance shall be made available to producers whose assets exceed liabilities by no more than $100,000 or where not providing such assistance would result in financial hardship.

Terminates the Secretary's authority to provide such assistance on October 1, 1978.