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.

Obligates the Federal Government to pay to the appropriate State or local government payments in lieu of real property taxes for property which is owned by the Government but leased to a private person for the purpose of conducting a business for profit thereon. States that the amount of such payment shall equal the amount of tax that would be due if the lessee were the owner of the leased property. Exempts specified property from the coverage of this Act and immunizes the Government from liability for specified penalties, and attachment or foreclosure for failure to make such payments.