This bill requires the federal government to maintain a "no net gain" policy for federal land ownership, meaning the government cannot acquire more acres of land in any state during a fiscal year than it sells off in that same state. The rule applies separately to different types of land interests—full ownership (fee title) must be matched against full ownership sales, and partial interests like easements must be matched against comparable partial interest sales. The Departments of Interior and Agriculture must conduct annual inventories of all federal lands they control, categorized by state and type of interest, and report their findings to Congress by September 30 each year. If the departments acquire more land than they dispose of in a state, the President has 24 months to convey sufficient federal land to that state to comply with the requirement. The bill exempts certain lands from these requirements, including tribal lands, foreclosed properties, and assets held temporarily as part of debt collection or estate settlement.