This bill requires the federal government to maintain a "no net gain" in land ownership each fiscal year, meaning that any new federal land acquired in a state cannot exceed the amount of federal land sold or disposed of in that state during the same year. The bill applies to land managed by the Interior Department and the Agriculture Department, though it distinguishes between different types of property interests, such as fee ownership versus easements or mineral rights. If the federal government acquires more land than it disposes of in a given state, the President must sell off enough federal land within 24 months to balance the acquisition. The secretaries of Interior and Agriculture must complete annual inventories of all federal lands under their control, broken down by state and type of property interest, and report their findings to Congress and the President by September 30 each year. The bill exempts tribal lands, properties acquired through foreclosure or as part of debt collection, and other special categories from these requirements.