Utah Federal Lands Exchange Equity Act of 1992

Utah Federal Lands Exchange Equity Act of 1992 - Declares certain lands in Utah to be part of the Navajo Indian Reservation upon the completion of the conveyance and acceptance of title by the United States and the State of Utah pursuant to this Act.

Authorizes and directs the Secretary (Secretary) of the Interior to: (1) acquire such lands through exchange of Federal lands; and (2) convey certain lands to San Juan County, Utah.

Declares certain lands in Utah to be part of the Goshute Indian Reservation. Authorizes and directs the Secretary to acquire such lands through exchange of Federal lands. Transfers such lands without cost to the Goshute Tribe or Utah.

Authorizes and directs the Secretary of Agriculture to acquire certain school trust lands owned by Utah within units of the National Forest System in exchange for Federal mineral interests or certain Federal land in units of the National Forest System in which State land is located.

Authorizes the Secretary to acquire all school and institutional trust lands within established units of the National Park System in Utah. Provides that trust lands located within the boundaries of the Glen Canyon Recreation Area shall be administered as a part of such recreation area.

Expresses the intent of the Congress that whenever Utah transfers to the United States any State lands within a county without receiving in exchange Federal lands of equal value in such county, the State should establish a funding mechanism to assure that the county will receive equal revenue.

Authorizes appropriations.