A bill to authorize the State of New Mexico to select certain Public lands in exchange for land taken by the United States for military and other uses, and for other purposes.

Authorizes the State of New Mexico, in lieu of receiving monetary payment, to select surveyed, unreserved, or unappropriated lands in exchange for lands taken by the United States within the boundaries of the White Sands Missile Range, a military reservation. Requires the Secretary of the Interior to determine the value of selected lands and if such determination is disputed by the State, to attempt to settle such dispute by arbitration. Provides that upon the failure of arbitration, such dispute may be referred to the United States district court wherein such land lies.

Directs the head of the agency acquiring such land to reimburse the Secretary and the State for necessary expenses in such land exchanges.