A bill to provide that if any land or interest in land is taken from any person or State by the Federal Government by eminent domain, such person or State may, instead of accepting monetary compensation therefor, acquire certain Federal lands or interests in land of approximately equal value.

Allows any person or State to acquire public lands in lieu of accepting monetary compensation for lands taken from such person or State by the Federal Government by eminent domain. Stipulates that such public lands must be: (1) situated within the affected State; (2) approximately equal to the value of taken lands; and (3) surveyed, unappropriated, and unreserved.

Directs the Secretary of the Treasury to pay to the person or State the difference in value of exchanged lands if either party chooses public lands of less value than those taken. Requires either party to pay to the Secretary the difference in value of public lands chosen if such lands are of greater value than taken lands . Authorizes the Secretary of the Interior to determine the value of affected lands.

Sets forth requirements to be met by a person or State seeking such land conveyance. Deems any person or State which fails to conform to such requirements to have waived all rights to acquire public lands under this Act.