A bill to provide that contractors on certain civil works projects on Federal property shall be subject to State and local laws including taxation, to provide for sharing of revenues from such property with State or local governments.

States that no person performing work under a contract in connection with a civil works project entered into by the Army Corps of Engineers shall be immune from any State or local laws, ordinances, or taxes on the ground that such performance took place in whole or in part on property of the United States. Permits any State or political subdivision thereof to tax real property transferred to any individual for a profitmaking activity and receive payment from such individual even though the United States retains an interest of any kind in such property.

Directs the Secretary of the Army, with respect to any contract transferring such property, which was executed after January 1, 1970, but before the date of enactment of this Act, to transfer to the State or local government within whose immediate jurisdiction such property is located, an amount of money equal to such amounts that would have been collected by such government had not such property been owned by the United States.