A bill to provide that any abandoned historic shipwreck located, in whole or in part, on the outer Continental Shelf or on lands beneath navigable waters within the boundaries of a State shall be the property of the United States (subject to transfer to that State after adoption of an adequate State plan), and for other purposes.

Specifies that any abandoned historic shipwreck (as defined by this Act) which is located on the Outer Continental Shelf or on lands beneath navigable waters within the boundaries of a State shall belong to the United States.

Directs the Secretary of the Interior to provide for the location, salvage, restoration, and preservation of such ships.

Authorizes a State to acquire shipwrecks lying beneath its navigable waters if it has an approved salvage and restoration plan.

Limits the power of a State to acquire a right, title, or interest in any shipwreck from the United States should the Secretary order or contract for its salvage before such a plan is adopted.

Permits the modification of a State plan with the approval of the Secretary.

Prohibits the Secretary of the Army from exercising his authority to break up, remove, sell, or otherwise dispose of such vessels without the prior approval of the Secretary of the Interior.

Provides civil penalties for violations of this Act.

Terminates a State's right, title, or interest in a shipwreck for plan noncompliance.