Establishes a policy to ensure no net gain in Federal land ownership in any fiscal year.
Limits the acquisition of Federal land by the U.S. to not exceed the amount of land disposed of in the same fiscal year.
Specifies that only the disposal of fee title lands or waters counts against the acquisition of fee title, and similar rules apply for interests in lands or waters of less than fee.
Requires the Secretary of the Interior and the Secretary of Agriculture to conduct an annual inventory of Federal land, categorized by type of interest.
Mandates an annual determination of changes in Federal land acreage and a report to the President and Congress by September 30 each year.
If the Federal Government acquires more land than it disposes of, the President must convey sufficient Federal land to the State to comply with the no net gain requirement within 24 months.
Clarifies that such conveyances are not considered major Federal actions under the National Environmental Policy Act.
Defines “Federal land” and outlines exclusions, including lands held by Indian Tribes and certain other specific categories.
Defines the roles of the Secretaries of Agriculture and the Interior in relation to Federal land management.
Includes a broad definition of “State” to encompass all U.S. states and the District of Columbia.
