A bill to provide that any abandoned historic shipwreck located, in whole or in part, on the Outer Continental Shelf or on lands beneath navigable waters within the boundaries of a State shall be the property of the United States (subject to transfer to that State after adoption of an adequate State plan), and for other purposes.

Stipulates that any abandoned historic shipwreck (over 100 years old) which is located on the outer Continental Shelf or on lands beneath navigable waters within the boundaries of a State shall belong to the United States.

Directs the Secretary of the Interior to provide for the location, salvage, restoration, and preservation of such ships to the extent and in the manner the Secretary deems advisable.

Authorizes a State to acquire shipwrecks lying beneath the navigable waters within the boundaries of such State if it has developed a plan for the location, protection, salvage, and restoration of such wrecks which meets the requirements set forth in this Act.

Limits the power of a State to so acquire a right, title, or interest in any shipwreck from the United States should the Secretary order or contract for its salvage before such a plan is adopted.

Permits the modification of a State plan with the approval of the Secretary.

Prohibits the Secretary of the Army from exercising his authority to break up, remove, sell, or otherwise dispose of such vessels without the prior approval of the Secretary of the Interior.

Provides civil penalties for individuals found to be in violation of this Act.

Terminates all right, title, and interest of a State in and to each shipwreck acquired by that State pursuant to this Act should the Secretary determine that State is not in compliance with its plan.

Empowers the Secretary to promulgate such rules as he considers advisable to carry out the provisions of this Act.