Outdoor America Conservation Fund Act of 1987

Outdoor America Conservation Fund Act of 1987 - Establishes in the Treasury the Outdoor America Conservation Fund, to be composed of amounts equivalent to the tax on documents of real property conveyances, together with funds from oil and gas revenues from the Outer Continental Shelf, conservation bond revenues, and if necessary, revenues from the disposal of surplus real and related property required to reach the $1,000,000,000 target for a fiscal year.

Makes 40 percent of such Fund available to the Secretaries of the Interior and of Agriculture for acquisition projects for national parks, wildlife refuges, wetlands, forests, and other significant natural resources. Requires appropriate agency officials to prepare and submit to certain congressional committees a priority list of acquisition projects based on the money and information available, and on the potential adverse impacts if such land is not acquired. Provides for direct allocation of monies from the Fund if the Appropriations Committees fail to do so.

Makes 55 percent of such Fund available to States, 50 percent of which must go to local governments, for open space preservation planning or land or water acquisition. Limits the Federal share of such activities to 50 percent of acquisition and 35 percent of planning costs.

Amends the Internal Revenue Code to impose a tax of 2.5 percent on documents of real property conveyances exceeding $5,000,000. Exempts security for debt, State and local government conveyances, and corporate and railroad reorganization.

Authorizes the Secretary of the Treasury, with the approval of the President, to issue conservation bonds.

Establishes a National Endowment for the Preservation of Open Space, with a Chairperson, and a National Council for the Preservation of Open Space to advise the Chairperson. Authorizes the Chairperson to contract with or make grants-in-aid to conservation and outdoor recreation organizations and institutions and government agencies to increase participation and support for their activities. Requires the Chairperson to develop a national information and data collection system on the preservation of open space.

Requires the Chairperson to report annually to the Congress and to the President and to conduct post-award project evaluations from audits and recipient-provided information.

Authorizes appropriations from the Fund for five fiscal years.