To amend the Impact Aid program to provide for a holdharmless with respect to amounts for payments relating to the Federal acquisition of real property, to permit certain local educational agencies to apply for increased payments for fiscal year 1994 under the Impact Aid program, and to amend the Impact Aid program to make a technical correction with respect to maximum payments for certain heavily impacted local educational agencies.

Amends the Elementary and Secondary Education Act of 1965 regarding impact aid payments.

Provides hold-harmless payment amounts for impact-aid payments relating to Federal acquisition of real property. Provides that no eligible local educational agency shall receive less than 85 percent of the preceding year's amount in such a payment for any fiscal year. Provides for ratable reductions and increases in certain types of impact-aid payments in specified circumstances.

Allows two specified school districts in South Dakota to claim eligibility as heavily-impacted districts for the current year, and amend their applications for increased payments.

Revises provisions with respect to maximum payments for certain heavily impacted local educational agencies.