A bill to reestablish and extend the program whereby payments in lieu of taxes may be made with respect to certain real property transferred by the Reconstruction Finance Corporation and its subsidiaries to other Government departments.

Provides that a Government department that has custody and control of real property transferred on or after January 1, 1976, from the Reconstruction Finance Corporation shall pay to the appropriate State and local taxing authorities an amount equal to the amount of real property tax which would be payable if such property were owned privately.