Oregon and California Land Grant Act of 2014

Oregon and California Land Grant Act of 2014 - Directs the U.S. International Trade Commission to report to Congress on competition in the trade of wood and related products.

Amends the Internal Revenue Code to adjust and make permanent the special tax rate for corporations with timber gains.

Amends the Act of August 28, 1937, to require any part of the revested Oregon and California Railroad or the reconveyed Coos Bay Wagon Road grant lands under the jurisdiction of the Department of the Interior to be managed pursuant to this Act.

Requires covered lands to be managed for the provision of a permanent forest production, protection of watersheds and regulation of stream flow, economic stability, and the provision of recreational facilities.

Establishes restrictions on the cutting, removal, and commercial sale of old growth trees within covered areas.

Requires Interior to carry out an aquatic conservation strategy and establish riparian buffers to protect natural ecological functions and processes. Specifies buffers and sets forth prohibited and permitted forest management activities in specified areas.

Requires Interior to develop landscape prioritization plans and sets forth procedures for environmental impact statements and judicial review.

Establishes requirements for timber harvests on designated lands, including restricting roads and harvesting timber to reduce the likelihood of wildfires.

Designates lands for conservation and establishes requirements for management, including restricting timber harvesting, motorized vehicles, and roads.

Specifies a formula for sharing receipts from activities on the lands with counties.

Establishes and modifies specified wilderness areas and designations under the Wild and Scenic Rivers Act.

Transfers specified lands to be held in trust as part of the reservations of designated tribes.