Federal, State, and Local Drug Forfeiture Fund Act of 1982 - Amends the Federal criminal code to provide that the proceeds from Federal drug forfeiture, bail, and fines imposed on drug offenders be transferred to a trust fund administered by the Drug Enforcement Administration (DEA).

Requires distribution of the fund as follows: (1) 50 percent for Federal level drug law enforcement, treatment, and education; (2) 20 percent to State and local programs that demonstrate effectiveness in drug law enforcement, treatment, and education activities; and (3) 30 percent to States on a per capita proportional basis for State level law enforcement, treatment, and education.

Provides that where a State participates in a drug seizure in a substantial manner, such State shall be entitled to 20 percent of the proceeds of the property forfeited.