State & Local Fiscal Assistance Act (jan 1, 1972 – dec 31, 1976)
Description:
The State and Local Fiscal Assistance Actof 1972 established a new type of Federal program to provide financial assistance to State and local governments. Under the provisions
of the law a total of $30.2 billion of
Federal individual income tax receipts are to be
distributed to the lower governmental units during this five year period. The States and localities have wide latitude in spending their revenue sharing receipts. This give more power towards the States because they were allowed to spend the money on what they felt was necessary for their state.
Added to timeline:
Date:
jan 1, 1972
dec 31, 1976
~ 5 years