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

Authorizes States, whose land or land interests have been taken through the Federal power of eminent domain, to acquire Federal land of approximately equal value in lieu of monetary compensation. Establishes guidelines and procedures for State acquisition of such lands.

Directs the Secretary of the Treasury to pay the difference between the Federal land values and the State land values to such States when State land values are greater.

Conditions State acquisition of specified Federal lands upon State payment of the difference between disparate Federal and State land values when the Federal values are greater.

Directs the Secretary of the Interior to appraise the unequal State and Federal land values, respectively, according to specified policies and procedures.