Florida National Forest Land Adjustment Act of 2010 - (Sec. 2) Directs the Secretary of Agriculture (USDA) to release, convey, and quitclaim to the state of Florida, without monetary consideration, all interest of the United States in and to those lands within or adjacent to the Blackwater River and Withlacoochee State Forests that were conveyed to the state under the authority of the Bankhead-Jones Farm Tenant Act or under any other law authorizing conveyance subject to restrictions or reversionary interests retained by the United States.

Requires the state to cover or reimburse the Secretary for reasonable costs incurred to make the conveyances, including title searches, surveys, deed preparaton, attorneys' fees, and similar expenses. Bars the Secretary from seeking reimbursement for administrative overhead costs.

Requires the state to agree: (1) that all net proceeds from any sale, exchange, or other disposition of the real property subject to deed restrictions be used by the state for the acquisition of lands or interests within or adjacent to units of Florida's forest and park systems; (2) to address and resolve boundary encroachments for the affected state forests; and (3) to indemnify and hold the United States harmless with regard to any boundary disputes related to any released parcel.

 (Sec. 3) Directs the Secretary, if the state offers to convey to the United States those state lands designated for interchange on the two maps entitled "State of Florida--U.S. Forest Service Interchange--January, 2009" and title to such lands is otherwise acceptable, to convey and quitclaim to the state those National Forest System lands in the Ocala and Apalachicola National Forests in Florida designated for interchange on the maps.

Subjects any land interchange under this Act to such reservations and rights-of-way as may be mutually acceptable to the Secretary and the authorized officer of the state.

Authorizes the Secretary and the authorized officer of the state, in the event that any of the designated lands are found to be unacceptable for interchange because of title deficiencies, survey problems, the existence of hazardous materials, or for any other reason, to substitute or modify the lands to be interchanged insofar as it is mutually agreed that such lands are of comparable quality and approximately equal value.

(Sec. 4) Authorizes the Secretary to convey by sale or exchange tract W-1979 within Leon County, Florida. Requires the proceeds derived from any sale of such tract to be used only to: (1) acquire lands and interests for inclusion in the Apalachicola National Forest; and (2) cover the disposal costs incurred to carry out the sale of the tract.

Authorizes the Secretary, with respect to tracts A-943, A-944, and C-2210, which are authorized for sale under the Florida National Forest Land Management Act of 2003, and being lands having permanent improvements and infrastructure, to use the net proceeds derived from any sales of such tracts for the acquisition, construction, or maintenance of administrative improvements for units of the National Forest System in Florida.

(Sec. 5) Declares that, for purposes of the Statutory Pay-As-You-Go Act of 2010, the budgetary effects of this Act shall be determined by reference to the latest statement entitled "Budgetary Effects of PAYGO Legislation" for this Act, provided that such statement has been submitted for printing in the Congressional Record prior to the vote on passage of this Act.
Output: To release Federal reversionary interests retained on certain lands acquired in the State of Florida under the Bankhead-Jones Farm Tenant Act, to authorize the interchange of National Forest System land and State land in Florida, to authorize an additional conveyance under the Florida National Forest Land Management Act of 2003, and for other purposes.