SECTION 1. SHORT TITLE.

    This Act may be cited as the ``ANCSA Shee Atika Land Exchange 
Settlement Act''.

SEC. 2. SHEE ATIKA INCORPORATED.

    (a) Definitions.--In this section:
            (1) Account.--The term ``Account'' means the Shee Atika 
        Account established under subsection (d).
            (2) Agency.--The term ``agency'' means--
                    (A) any department, agency, or other 
                instrumentality of the Federal Government; and
                    (B) any Government corporation (as defined in 
                section 9101 of title 31, United States Code).
            (3) Agreement.--The term ``Agreement'' means the agreement 
        between Shee Atika and the United States (including any 
        amendment or supplement to the agreement) under which the 
        United States has an option to reacquire the Cube Cove Land.
            (4) Cube cove land.--The term ``Cube Cove Land'' means the 
        approximately 23,000 acres of surface estate land at Cube Cove, 
        Admiralty Island, Alaska, as described in Appendix A to the 
        Agreement.
            (5) Property.--The term ``property'' has the meaning given 
        the term in section 12(b)(7)(vii) of the Act of January 2, 1976 
        (43 U.S.C. 1611 note; Public Law 94-204).
            (6) Secretary.--The term ``Secretary'' means the Secretary 
        of Agriculture.
            (7) Segment.--The term ``segment'' means any 1 of the 13 
        tracts of surface estate land identified in Appendix C to the 
        Agreement.
            (8) Shee atika.--The term ``Shee Atika'' means Shee Atika 
        Incorporated.
    (b) Authorization.--
            (1) In general.--All consideration, whether in cash or in 
        kind, received by Shee Atika under the Agreement shall be 
        treated for purposes of all Federal laws as if the 
        consideration was, within the meaning of section 21(c) of the 
        Alaska Native Claims Settlement Act (43 U.S.C. 1620(c)), the 
        receipt of land or any interest in land pursuant to the Alaska 
        Native Claims Settlement Act (43 U.S.C. 1601 et seq.) or cash 
        in order to equalize the values of properties exchanged 
        pursuant to section 22(f) of the Alaska Native Claims 
        Settlement Act (43 U.S.C. 1621(f)).
            (2) Effect.--Nothing in the Agreement or this section 
        imposes any duty on Shee Atika not expressly set forth in the 
        Agreement.
    (c) Option To Receive Credits.--
            (1) In general.--
                    (A) Credits.--On election by Shee Atika made in 
                writing not later than the day before the date on which 
                a closing of any segment of the Cube Cove Land is 
                scheduled to occur, the Secretary, in accordance with 
                subsection (d), may pay all or part of the amounts due 
                to Shee Atika under the Agreement on the closing date 
                in the form of credits that may be used by Shee Atika 
                to purchase property sold at public sale.
                    (B) Cash.--Amounts otherwise due to Shee Atika for 
                which Shee Atika has not made the election described in 
                subparagraph (A) shall be paid to Shee Atika in cash.
            (2) Requirement.--The Secretary shall make a payment in the 
        form described in paragraph (1) without regard to whether Shee 
        Atika has made any other election under paragraph (1).
            (3) Closing date.--Closing of any segment for which Shee 
        Atika has made an election under paragraph (1) shall occur not 
        later than 30 days after the date on which the Secretary 
        notifies Shee Atika that the applicable credit is ready to be 
        deposited into the Account.
    (d) Establishment of Account.--
            (1) In general.--Notwithstanding any other provision of 
        law, not later than 90 days after Shee Atika first makes an 
        election under subsection (c)(1), the Secretary of the 
        Treasury, in consultation with the Secretary, shall establish 
        an account in the Treasury to be known as the ``Shee Atika 
        Account''.
            (2) Credits into account.--The Secretary of the Treasury, 
        in consultation with the Secretary, shall--
                    (A) deposit into the Account amounts equal to any 
                credit received under subsection (c); and
                    (B) establish procedures under which Shee Atika 
                may--
                            (i) receive deposits into the Account;
                            (ii) make deposits from the Account into 
                        escrow when an escrow is required for the sale 
                        of any property;
                            (iii) reinstate to the Account any unused 
                        escrow deposits under clause (ii) if the 
                        applicable sale is not completed; and
                            (iv) notwithstanding any other provision of 
                        law and on written notice to the Secretary of 
                        the Treasury and the Secretary, assign, without 
                        restriction, any or all of the amounts in the 
                        Account.
            (3) Availability of amounts.--The balance of the Account 
        shall--
                    (A) be immediately available to Shee Atika for use 
                in accordance with paragraph (4); and
                    (B) remain available until expended.
            (4) Use of funds.--
                    (A) In general.--Shee Atika may use amounts in the 
                Account to bid for, and purchase, any property at any 
                public sale by an agency.
                    (B) Requirement.--In conducting a transaction under 
                subparagraph (A), an agency shall accept any amount 
                tendered from the Account in the same manner as if the 
                amount were tendered in cash.
            (5) Effect.--Notwithstanding any other provision of law, 
        any property purchased under paragraph (4) shall be considered 
        to be a conveyance made under the Alaska Native Claims 
        Settlement Act (43 U.S.C. 1601 et seq.) on the date of 
        enactment of that Act.
ANCSA Shee Atika Land Exchange Settlement Act This bill declares that consideration received by the urban Native corporation of Shee Atika under the agreement between Shee Atika and the United States must be treated as the receipt of land or interest in land pursuant to the Alaska Native Claims Settlement Act or as cash to equalize the values of properties exchanged pursuant to that Act. (Under the Act, these considerations are not taxed.) Shee Atika may elect to accept payment from the Department of Agriculture for Cube Cove lands into an account that may be used to purchase property sold at public sale by a federal agency. Purchases made through that account must be considered to be conveyances under the Alaska Native Claims Settlement Act.
ANCSA Shee Atika Land Exchange Settlement Act