Yankton Sioux Tribe and Santee Sioux Tribe Equitable Compensation Act

Yankton Sioux Tribe and Santee Sioux Tribe Equitable Compensation Act - Establishes in the Treasury the Yankton Sioux Tribe Development Trust Fund and the Santee Sioux Tribe Development Trust Fund. Directs the Secretary of the Treasury to withdraw the aggregate amount of interest deposited into the Funds each fiscal year (beginning with the 11th fiscal year after this Act's enactment date) and transfer that amount to the Secretary of the Interior for making payments to the Yankton Sioux Tribe and the Santee Sioux Tribe for carrying out projects and programs under each Tribe's Tribal Plan.

Directs the tribal council of each Tribe to prepare a Tribal Plan for using payments for projects and programs to promote: (1) economic development; (2) infrastructure development; or (3) the educational, health, recreational, and social welfare objectives of the Tribe and its members.

States that payments under this Act will not affect other Federal payments or the Pick-Sloan Missouri River Basin power rates or be subject to Federal or State income tax.

Authorizes appropriations.

Extinguishes all monetary claims of the Tribes against the United States for loss of value or use of land resulting from the Fort Randall and Gavins Point projects of the Pick-Sloan Missouri River Basin program upon the deposit of funds into such Funds.