A bill to amend the Act of September 30, 1950 (20 U.S.C. 236 et seq.) to provide for the use of current assessed values of Federal property in determining eligibility for certain assistance under such Act.

Requires the use of the current assessed values of Federal property in determining the eligibility of a local educational agency for Federal compensation for the revenue the agency fails to receive because of Federal acquisition of such property. Repeals provisions requiring the amount of such revenue to be calculated without regard to any improvements or changes made to such property since acquisition.