A bill to amend the State and Local Fiscal Assistance Act of 1972 and the Internal Revenue Code of 1954 to replace the General Revenue Sharing Program with individual income tax credits for State and local taxes.

Title I: Amendments to the State and Local Fiscal Assistance Act of 1972 - Amends the State and Local Fiscal Assistance Act of 1972 to authorize appropriations to the State and Local Government Fiscal Assistance Trust Fund for fiscal years 1981, 1982, and 1983. Eliminates the State share of revenue sharing funds which are currently authorized under such Act.

Title II: Amendments to the Internal Revenue Code of 1954 - Amends the Internal Revenue Code to allow individual taxpayers an income tax credit equal to 25 percent of the State and local real property taxes, personal property taxes, income taxes, and general sales taxes. Disallows the current income tax deduction for such taxes for taxpayers who claim a tax credit.