A bill to establish a program whereby payments in lieu of taxes may be made with respect to certain real property owned by the U.S. Government but leased by departments or agencies thereof to private persons not for public purposes.

Stipulates that whenever the United States Government, including any department or agency thereof, has legal title to any improved real property which is leased, loaned, or otherwise made available to and used by any private individual, association, or corporation in connection with a business conducted for profit, the Government shall pay to the appropriate local taxing authorities, on the date on which real property taxes become due, an amount equal to the amount of the real property tax which would be payable to each such State or local taxing authority if legal title to such real property were held by a private individual, association, or corporation.

Provides that no such payment shall be made with respect to any real property of any of the following categories: (1) real property taxable by any State or local taxing authority under any provision of law, or with respect to which any payment in lieu of taxes is payable under any other provision of law; (2) real property owned by any private individual, association, or corporation would be exempt from real property tax under the constitution or laws of the State in which the property is situated; and (3) real property used or held primarily for the rendition of service to or on behalf of the local public, including (but not limited to) the following categories of real property, courthouses, post offices, and other property used for purposes incidental to postal operations, and federally owned airports maintained and operated by the Civil Aeronautics Administration.