A bill entitled the "Federal Unemployment Compensation Program Extension Act".

Amends the Federal Supplemental Compensation Act of 1982 to extend the payment of benefits under the Federal supplemental unemployment compensation program for 18 months, through March 31, 1985.

Increases the number of weeks for which such benefits are payable to individuals residing in high unemployment areas. Provides that, for purposes of determining the amount payable for weeks in the period for which the area is a high unemployment area, the amount established in the individual's account shall be the lesser of: (1) 100 percent of the total amount of regular compensation (including dependents' allowances) payable with respect to the benefit year (as determined under State law) on the basis of which the individual most recently received regular compensation; or (2) the specified applicable limit for the period times the individual's average weekly benefit amount for the benefit year. Defines "high unemployment periods" as periods with total unemployment rates for an area which are: (1) greater than 15 percent ("15-percent period"); (2) equal to or greater than 14 but less than 15 percent ("14-percent period"); or (3) equal to or greater than 13 but less than 14 percent ("13-percent period"). Makes the applicable limit: (1) 26 for a 15-percent period; (2) 21 for a 14-percent period; and (3) 16 for a 13-percent period. Defines "area" as: (1) any standard metropolitan statistical area (SMSA) comprised solely of complete counties; or (2) any county not within such an SMSA.

Limits additional compensation payments to certain individuals. Provides a transitional rule for eligibility of certain individuals for additional payments.

Directs the Secretary of Labor to require modification of agreements with States under such Act to conform with the amendments made by this Act within a specified period.