Intergovernmental Fiscal Assistance Amendments of 1979

Intergovernmental Fiscal Assistance Amendments of 1979 - Amends the Public Works Employment Act of 1976 to authorize the Secretary of the Treasury, through a targeted fiscal assistance program, to make annual payments for fiscal years 1979 and 1980 to local governments with local unemployment rates at or above six percent. Authorizes appropriations for such purpose. Sets forth formulas and procedures for allocations to local governments under such program.

Directs the Secretary of Labor to determine or assign unemployment rates necessary to the Secretary of the Treasury's administration of all the antirecession provisions of such Act. Directs the Secretary of Labor, the Director of the Bureau of the Census, and the Director of the Office of Personnel Management to provide other necessary information.

Sets forth formulas and procedures for allocations to the governments of Puerto Rico, Guam, American Samoa, and the Virgin Islands under both the targeted fiscal assistance and the antirecession fiscal assistance programs.

Authorizes the Secretary of the Treasury, through an antirecession fiscal assistance program, to make payments to territorial governments and to State and local governments with unemployment rates at or above five percent. Suspends such payments whenever the seasonally adjusted rate of national unemployment is below six and one-half percent.

Authorizes appropriations for such purpose during each of the seven succeeding calendar quarters beginning in 1979. Stipulates that a portion of the total amount of such appropriations is to be determined according to a formula based on the seasonally adjusted rate of national unemployment. Sets forth formulas and procedures for allocations to eligible State and local governments and to specified territorial governments.