A bill to extend general revenue sharing for five years and to increase employment opportunities.

Extends the authorization of appropriations for general revenue sharing through FY 1987.

Permits a waiver of the requirement that certain employees paid out of the State and Local Government Fiscal Assistance Trust Fund must be paid at least the prevailing rate of pay for similar work if a State government or local government demonstrates that such waiver will enable it to substantially increase the level of employment which it can support with such funds.