Impacted Communities Assistance Act of 1991

Impacted Communities Assistance Act of 1991 - Directs the Secretary of Defense, as soon as possible after closing a military installation, to transfer any property suitable for transfer to the local community of the installation involved. Requires any property which was originally donated to the United States to first be offered to the entity that made such donation.

Provides that if the local community refuses such property (or fails to accept such property within six months), the Secretary shall offer the property successively to the county involved, the State of the installation, other Federal departments and agencies, and the highest bidder. Provides for the disposition of property located in more than one local community or county.

Authorizes the Secretary to sever from any real property of a closed military installation that property which is suitable for transfer. Requires the Secretary to include appropriate representatives of the local community in discussions and decisions concerning the disposition of a closed military installation.

Requires the local community, county, or State receiving such property to agree: (1) to pay the United States 25 percent of the proceeds from any sale of the property within five years after the date of conveyance; (2) to make available to the Comptroller General Information necessary to review all such transactions; and (3) to hold public hearings for deciding the appropriate use of the closed installation.

Outlines actions to be taken by the Secretary if an entity fails to comply with any such condition. Directs the Comptroller General to review transactions under this Act. Authorizes appropriations.