A bill to amend the State and Local Fiscal Assistance Act of 1972 and the Internal Revenue Code of 1954 to replace the General Revenue Sharing Program with individual income tax credits for State and local taxes.

Title I: Amendments to the State and Local Fiscal Assistance Act of 1972 - Amends the State and Local Fiscal Assistance Act of 1972 t authorize appropriations to the State and Local Government Fiscal Assistance Trust Fund for fiscal years 1981, 1982, and 1983.

Title II: Amendments to the Internal Revenue Code of 1954 - Amends the Internal Revenue Code to allow individual taxpayers an income tax credit equal to 23 percent of the State and local, and foreign, real property taxes, State and local personal property taxes, State and local, and foreign, income taxes, and State and local general sales taxes paid by such individuals during the taxable year. Repeals the current income tax deduction allowed for payments of State and local taxes.