An act entitled the "Federal Timber Contract Payment Modification Act".

(Measure passed Senate, amended, roll call #252(94-2))

Federal Timber Contract Payment Modification Act - Authorizes requesting purchasers of Federal timber to buy out pre-1982 and specified reformed contracts held with the Secretary of Agriculture or the Secretary of the Interior.

Permits cancellation of up to 55 percent of a contract's volume, with a maximum of: (1) 200,000,000 board feet for purchasers of more than 27,300,000 board feet of net merchantable sawtimber; or (2) 15,000,000 board feet for purchasers of 27,300,000 or less board feet of net merchantable sawtimber, or one contract, whichever is greater in volume.

Bases purchaser cost on net worth and projected contract losses.

States that amounts collected from buy-outs shall be deposited in the Treasury.

Allows certain purchasers to finance the buy-out charge, after a five percent down payment, in equal quarterly payments at interest rates adjusted to the average market yield of outstanding Treasury obligations.

Limits FY 1984 Forest Service region six timber sales to 4,300,000,000 board feet. States that beginning in FY 1985 and continuing until completion of specified 1983 contract extensions (but at least through FY 1991) such region's timber sales shall be adjusted to specified levels.

Requires that timber sales from such region be made in a manner which does not result in discriminatory treatment between forests in that region.

Treats affiliated concerns as a single entity for purposes of calculating net worth and buy-out limitations.

Requires the Secetary of Agriculture and the Secretary of the Interior to: (1) monitor bidding patterns on sales contracts; and (2) take action to discourage bidding for speculative purposes.

Directs the Secretary of Agriculture to require a cash down payment (effective January 1, 1985) at the time a contract for timber sales from a national forest is executed.

Provides for the redetermination of emergency stumpage rates of National Forest timber in Alaska bid after January 1, 1974. Makes the rates established effective between January 1, 1981, and five years after the enactment of this Act.

Directs the Secretary of Agriculture to waive the annual rental fees required of the Boy Scouts of America (or a similar nonprofit organization) for their use of national forest system lands as organization camps if such organizations perform services prescribed by the Secretary. Conditions waiver of the annual rental fee upon full performance of such services.