A bill to provide for certain payments to be made to local governments by the Secretary of the Interior based upon the amount of certain public lands within the boundaries of such locality.

Directs the Secretary of the Interior to make payments on a fiscal year basis to each unit of local government in which are located: (1) lands within the National Park System, the National Wilderness Preservation System, or the National Forest System; (2) lands administered by the Secretary through the Bureau of Land Management; or (3) lands dedicated to the use of Federal water resources development projects. Reduces the amount payable to any local government by the amount received by such government under specified Federal programs.

Directs the Secretary to make additional payments to local governments for five fiscal years with respect to lands acquired by the United States for addition to Redwood National Park pursuant to specified legislation or to the National Park System or National Wilderness Preservation System after December 31, 1970, which were subject to local real property taxes within five years preceding such acquisition.

Excludes specified units of local government in California and Oregon and all units of local government in Alaska from the provisions of this Act.