New York City Financial Assistance Act

New York City Financial Assistance Act - Title I: Emergency Assistance - Authorizes the Secretary of the Treasury to guarantee, under stated conditions, obligations of the City of New York or of its financing agent. Limits the total amount of guarantees that may be outstanding at any time to $1,500,000,000. Limits the amount of such guarantees issued in fiscal year 1979 to $500,000,000. Establishes an identical $500,000,000 limitation for fiscal year 1980, unless one house of Congress agrees to a resolution disapproving such guarantees in 1980. Conditions additional guarantees, limited to $500,000,000 per year, for any fiscal year prior to the beginning of fiscal year 1983, on the presentation to the Secretary of a balanced budget for that year.

Title II: Amendments to the Internal Revenue Code of 1954 - Makes interest income received on any obligation guaranteed under Title I of this Act after the date of the enactment of this title taxable under the Internal Revenue Code of 1954.