A bill to amend the Land and Water Conservation Fund Act of 1965 to require payments by States to local jurisdictions in lieu of taxes, to increase the authorization of appropriation for the Land and Water Conservation Fund.

Requires payments, under the Land and Water Conservation Fund Act, by States to local jurisdictions in lieu of property taxes that would have been paid to that jurisdiction had land being used for conservation purposes been private.

Increases appropriations for the Land and Water Conservation Fund to $1,000,000,000 for each fiscal year.

Directs the Secretary of the Treasury to pay annually to each county, and political subdivision within a county, in which more than 40 percent of the land subject to real property taxes is Federal land, an amount equal to the amount of real property taxes which would have been paid on Federal lands had they been privately owned.