A bill to establish the Nantucket Sound Islands Trust in the Commonwealth of Massachusetts, to declare certain national policies essential to the preservation and conservation of the lands and waters in the trust area.

Expresses the findings of Congress with regard to the national interest in the Nantucket Sound Islands in the Commonwealth of Massachusetts. Establishes the Nantucket Sound Island Trust to provide for the preservation of the unique values of the islands.

Creates the Nantucket Trust Commission, the Martha's Vineyard Trust Commission, and the Elizabeth Islands Trust Commission, to be known collectively as the Nantucket Sound Islands Trust Commissions. Enumerates the membership composition and responsibilities of each Commission.

Designates the area comprising the trust. Classifies the trust lands into categories of: (1) open lands; (2) resource management lands; and (3) town lands. Prescribes the procedures for the assignment of the trust lands and waters into such classifications.

Authorizes the Secretary of the Interior to sell lands and waters and interests therein at fair market values to accomplish the purposes of this Act.

Defines the terms used in this Act.

Directs the Commissions to cooperate in a study and formulate plans for beach and shoreland erosion control and restoration projects in those areas most immediately threatened. Calls for programs: (1) in dune and headland erosion control; and (2) against pollution of the waters in and around trust lands.

Sets forth the rules governing nonvehicular rights of passage across trust land beaches. Directs the Commissions to survey public and private water and air acess to trust lands and make recommendations to appropriate bodies for legislative or administrative action.

Provides for the suspension of the authority to acquire lands from specified private, nonprofit organizations. Sets forth compensable land use regulations and calls for new employment opportunities for residents of the trust area. Places a freeze date on the construction of any improvement on specified trust lands.

Directs the Martha's Vineyard Commission to establish an orderly program for determining the extent of Indian Common Lands on Martha's Vineyard.

Authorizes to be appropriated such sums as may be necessary to carry out the purposes of this Act, within specified limitations.