A bill to provide for the orderly disposal of certain Federal lands in Nevada and for the acquisition of certain other lands in the Lake Tahoe Basin, and for other purposes.

Directs the Secretary of the Interior to dispose of specified lands under the jurisdiction of the Bureau of Land Management in Clark and Washoe Counties, Nevada. Requires the Secretary and the affected local governmental jurisdictions to jointly develop regulations and select lands to be offered for sale.

Sets forth the formula for allocating the revenues from such sales to the Treasury of the United States, the State of Nevada, and to the county or municipality within the boundaries of which such land sale occurred.

Authorizes the Secretary of Agriculture to acquire specified unimproved lands to be administered as part of the United States Forest System or, if unsuitable for administration as such, to be transferred to a unit of State or local government with specified restrictions. Permits the acquisition of specified portions of the Lake Tahoe Basin if such lands are being used, or a threat exists that they will be used, in a manner detrimental to the environmental quality of the Basin. Prohibits the acquisition of any detached single-family residential dwelling being used as such. Permits the owners of any improved property which contains a detached single family residential dwelling acquired by the Secretary to retain a right of use and occupancy for noncommercial residential purposes for a specified period. Requires the Secretary to pay to the owner the full market value of the rights acquired.

Authorizes appropriations from the Land and Water Conservation Fund for fiscal years 1981 and 1982 to carry out the purposes of this Act. Authorizes additional appropriations in an amount equal to the amount of revenue obtained from the sale of federally-owned lands in Clark and Washoe Counties, Nevada.