State and Local Recession Assistance Act of 1983

State and Local Recession Assistance Act of 1983 - Requires the Secretary of the Treasury to make payments for FY 1983 through FY 1985 to State governments, units of local government, and territorial governments for each eligible calendar quarter to help counter the effects of an economic recession.

Authorizes appropriations for each eligible calendar quarter for such purposes. Sets forth a formula for determining quarterly appropriation limits.

Sets forth a division of such funds between territorial, State, and local governments.

Sets forth the procedure for determining the amount to be allocated to State governments and units of local government.

Requires each State and unit of local government to file a statement of specified assurances before it may receive any such payments. Requires payments to be made to the State governments and units of local governments within specified time periods after such statement of assurances has been made.

Permits the withholding of payments if any State government or unit of local government fails to comply substantially with any assurance set forth in the statement of assurances.

Requires each State government and each unit of general local government receiving payments to submit a report containing specified information at the end of each fiscal year.

Provides for the allocation of funds under this Act to Puerto Rico, Guam, American Samoa, and the Virgin Islands.