Mashantucket Pequot Indian Claims Settlement Act

[AI summary unavailable — showing source text] Mashantucket Pequot Indian Claims Settlement Act - Establishes in the Treasury the Connecticut Indian Claims Settlement Fund as compensation to the Mashantucket Pequot Tribe for the extinguishment of any claim to specified lands. Directs the Secretary of the Interior to: (1) hold the Fund in trust for the Tribe; and (2) spend, at the request of the Tribe, the principal and income of the Fund to acquire land or natural resources for the Tribe or for similar purposes which promote the economic development of the Tribe. Provides that such lands or natural resources which are within specified settlement lands shall be held in trust by the United States for the Tribe. Provides that such lands or natural resources acquired for the tribe which are located outside such settlement lands shall be held in fee by the Tribe, with the United States having no further responsibility, and shall not be subject to any restriction against alienation under Federal or State law. Provides that transfers of specified private settlement lands shall be deemed to be involuntary conversions for Internal Revenue Code purposes. Authorizes the appropriation of $900,000 to be deposited in the Fund. Sets forth pro…