A bill to amend chapter 67 of title 31, United States Code, to permanently authorize revenue sharing, to increase funding for fiscal year 1984 for units of general local government, and to index future funding to the rate of inflation.

Authorizes permanently the revenue sharing program for States and units of general local government.

Increases the funds appropriated to the State and Local Government Fiscal Assistance Trust Fund for units of general local government for FY 1984.

Sets forth the procedure for adjusting the dollar amount of entitlement funds for units of general local government according to the inflation adjustment factor.

Requires the Secretary of the Treasury to determine the inflation adjustment factor for the immediately preceding 12-month period ending on July 31 not later than October 1 of each calendar year.

Defines inflation adjustment factor for the purposes of this Act.