Federal Lands Act

[AI summary unavailable — showing source text] Federal Lands Act - Directs the General Services Administrator to: (1) establish a valuation for tax purposes of all lands or interests held by the Federal government; and (2) determine, with respect to public lands within a State, the public benefits accruing to the State from such lands and reduce the total valuation of the lands by the amount of benefit to the State. Directs the Secretary of the Treasury to pay annually to each State an amount equivalent to the State, county, and local real property taxes on Federal lands and interests in the State. Provides that the federal payment will be distributed to the counties in which the federal lands are located. Authorizes the Administrator to treat separately any extraordinary benefits and burdens caused by federal ownership to the State.…