A bill to authorize a land exchange in South Dakota and Colorado.

Directs the Secretary of Agriculture to convey certain lands in Routt County, Colorado, in exchange for certain lands in Pennington County, South Dakota, which shall become part of the Black Hills National Forest.

Provides that if the values of such lands are not equal, they shall be equalized by the payment of cash as provided in the Federal Land Policy and Management Act of 1976, without regard to the provision in such Act which limits such payments to 25 percent of the total value of the lands transferred out of Federal ownership. Authorizes the Secretary of the Interior, if the United States owes cash equalization moneys, to convey lands adjacent to the Colorado property to satisfy the U.S. obligation in such exchange.