A bill to amend Section 510(b)(5) of the Surface Mining Control and Reclamation Act of 1977 to clarify the exchange provision in the alluvial valley floor prohibition.

Amends the Surface Mining Control and Reclamation Act of 1977 to: (1) direct the Secretary of the Interior to grant priority to those land transactions under the alluvial valley floors exchange program of such Act in which the United States would acquire land possessing scenic, historical, cultural, wildlife or recreational values; (2) permit the Secretary to exchange Federal coal mining interests for private lands adjacent to an alluvial valley floor which possess unique environmental values; (3) require the Secretary, in assessing the value of the lands, to include the value of the legal and financial commitments made by the owner or lessee prior to January 1, 1977; and (4) authorize appropriations to carry out the provisions of this Act.