Surface Transportation Extension Act of 2004, Part V

Surface Transportation Extension Act of 2004, Part V - Extends Federal highway, highway safety, motor carrier safety, and transit programs for seven months, and authorizes appropriations, through May 31, 2005.

Directs the Secretary of Transportation to: (1) apportion funds made available for Federal-aid highway programs under the Transportation Equity Act for the 21st Century (TEA-21) to each State according to the ratio of the State's FY 2004 obligation authority to the FY 2004 obligation authority for all States; and (2) ensure that each State is apportioned funds for the Interstate maintenance program, the National Highway System program, the bridge program, the surface transportation program, the congestion mitigation and air quality improvement program, the recreational trails program, the Appalachian development highway system program, and the minimum guarantee.

Sets forth provisions: (1) for reducing future apportionments, and for recovering funds not apportioned, under a multi-year law reauthorizing the Federal-aid highway program that is enacted after enactment of this Act; (2) prohibiting after May 31, 2005, the obligation of any Federal-aid highway program funds until the date of enactment of a multi-year law reauthorizing such program that is enacted after enactment of this Act; and (3) prohibiting a State from transferring after May 31, 2005, unobligated Federal-aid highway funds from amounts apportioned to it for the congestion mitigation and air quality improvement program and the surface transportation program.

Authorizes appropriations through May 31, 2005, for specified Federal-aid highway programs, highway safety programs, the Motor Carrier Safety Administration program, Federal transit programs, and sport fishing and boating safety programs.

Amends the Balanced Budget and Emergency Deficit Control Act of 1985 (Gramm-Rudman-Hollings Act) and TEA-21, respectively, to set related discretionary spending limits and obligation limitations for FY 2005.

Amends the Internal Revenue Code to extend authorization for the use of the Highway Trust Fund (including the mass transit account) and the Aquatic Resources Trust Fund for obligations under TEA-21.

Amends the Surface Transportation Extension Act of 2003 to extend highway programs through end of FY 2004.

Amends TEA-21 to authorize appropriations for the high priority projects program through May 31, 2005 (including specified allocation percentages for such projects for FY 2004 through 2009).