Public Broadcasting Financing Act - Establishes the Public Broadcasting Fund, and authorizes appropriations from such Fund for each of the fiscal years 1976 through 1980 of amounts equal to 40 percent of the total non-Federal financial support received by public broadcasting entities during each second-preceding fiscal year. Sets maximum limits on such Federal appropriations.

Requires the Public Broadcasting Corporation to reserve for distribution among licensees and permittees of noncommercial educational broadcast stations an amount equal to specified percentages of the funds disbursed to the Corporation from the Fund.

Prescribes guidelines for the establishment of criteria and conditions of distribution and use of funds distributed to licensees and permittees.

Defines "non-Federal financial support" and "public broadcasting entity."

Public Broadcasting Financing Act - Establishes a Public Broadcasting Fund in the Treasury and authorizes to be appropriated to such Fund for each of the fiscal years 1976 through 1980 an amount equal to forty percent of the total amount of non-Federal financial support received by public broadcasting entities during the fiscal year second preceding each such fiscal year, up to specified limits.

Provides for specified portions of the Public Broadcasting Fund to be distributed among the licensees and permittees of noncommercial educational broadcast stations.