A bill to provide for payments in lieu of real property taxes, with respect to certain real property taxes, with respect to certain real property owned by the Federal Government.

Directs the Administrator of General Services to pay to local governments in which three percent or more of the land is federally owned and to States in which such governmental units are located, amounts fairly equivalent to the amount of taxes which would be payable with respect to such lands if they were privately owned.

Reduces the amount of such payments by the amount paid in lieu of taxes with respect to any Federal lands within the jurisdiction of the local government or the State pursuant to any other Federal law.