A bill to extend for 2 years at its present level the program of general revenue sharing provided under the State and Local Fiscal Assistance Act of 1972.

Amends the State and Local Fiscal Assistance Act of 1972 to authorize specified amounts to be appropriated to the State and Local Government Fiscal Assistance Trust Fund to pay for entitlements of State governments. Extends the program of general revenue sharing through September 30, 1982.

Extends through September 30, 1982, the application of State laws which provide for the allocation of funds among county areas, or among units of local government.