A bill to provide for the return of federally condemned property to its former owner when the Federal Government does not use such property for the stated purpose.

Allows a former owner to repurchase real property which has been taken by the Federal Government in eminent domain but has not been used in accordance with the stated purpose of such condemnation. Requires the United States, in the event of a repurchase, to make payments to State and local authorities in lieu of the taxes which would have been imposed on such real property during the period of Federal ownership.