A bill to amend the Taylor Grazing Act to provide compensation to the holders of grazing permits when such permits are canceled, and for other purposes.

Authorizes grazing permits, under the Taylor Grazing Act, for a period of ten years. States that the Secretary of the Interior may from time to time specify the numbers of stock and seasons of use for each permit if the lands covered by such permit remain within a grazing district and if the permittee has complied with the terms and conditions of the permit and with the rules and regulations of the Secretary.

Requires the Secretary to pay to the holder of a grazing permit compensation for the loss of such permit if such permit is canceled (in whole or in part) before the expiration of its term because all or part of the lands covered by such permits are no longer within grazing district.