Detailed Instructions: In this task, you are given text for US Congressional and California state bills, your task is to generate a summary for this bill.
Q: SECTION 1. SHORT TITLE.

This Act may be cited as the ''PILT Fairness Act of 2002''.

SEC. 2. FULL FUNDING FOR PAYMENTS IN LIEU OF TAXES.

Section 6906 of title 31, United States Code, is amended--
(1) by striking ''Necessary'' and inserting ''(a) In
General.--Necessary'';
(2) by striking ''Amounts'' and inserting ''Except as
provided in subsection (b), amounts''; and
(3) by adding at the end the following new subsection:
''(b) Full Funding.--For fiscal years 2003 through 2007, amounts
necessary to carry out this chapter shall be made available to the
Secretary of the Interior, out of any funds in the Treasury not
otherwise appropriated and without further appropriation, for
obligation and expenditure in accordance with this chapter.''.

SEC. 3. PROTECTION OF LOCAL TAX BASE AS PART OF FEDERAL LAND
ACQUISITION.

(a) Election of Payment To Offset Revenue Loss.--
(1) Notification of local governments.--Whenever a Federal
land management agency acquires privately owned land by
purchase, exchange, or donation, the head of the agency shall
notify the unit of general local government within whose
jurisdiction the land lies.
(2) Election.--If a unit of general local government is
notified by a Federal agency under paragraph (1) regarding an
acquisition of land by the Federal agency, the elected
officials with authority under State law to govern the unit
may, within 90 days after that notification, elect to receive
from the Federal land management agency a one-time payment in
an amount sufficient to offset the long term revenue loss to
the local government that will result from the acquisition of
the land by the Federal agency.
(b) Treatment of Land After One-Time Payment.--
(1) In general.--If a unit of general local government
receives, pursuant to an election under subsection (a), a one-
time payment with respect to land acquired by a Federal land
management agency, the land shall not be treated as entitlement
land for purposes of chapter 69 of title 31, United States
Code, notwithstanding any changes that may thereafter occur in
the value of the land, interest rates, taxation rates, or any
other economic factor.
(2) Conforming amendment.--Section 6901(1) of title 31,
United States Code, is amended by adding at the end the
following:
''Such term does not include any land with respect to which a unit of
local government receives a one-time payment under the PILT Fairness
Act of 2002.''.
(c) Application.--
(1) In general.--This section shall apply to any land
acquisition by a Federal land management agency completed after
September 30, 1998.
(2) Application to prior acquisitions.--For purposes of the
application of this section to an acquisition of land by a
Federal agency before the date of the enactment of this Act,
the head of the agency is deemed to have notified the unit of
general local government concerned in accordance with paragraph
(1) on the date of the enactment of this Act.
(3) No effect on title.--This subsection shall not affect
any right, title, or interest of the United States in or to
land.

SEC. 4. ONE-TIME PAYMENT.

(a) In General.--If a unit of general local government elects under
section 3(a)(2) to receive a one-time payment with respect to land
acquired by a Federal land management agency--
(1) the head of the Federal agency shall determine and make
such payment in accordance with this section; and
(2) such acquisition may not occur before the date the
payment is made.
(b) Amount of Payment.--
(1) In general.--The amount of such payment--
(A) shall be sufficient to yield a revenue stream
in perpetuity equal to the property taxes currently
required to be paid with respect to the land,
determined as an annuity amount based on an interest
rate equal to the current average yield on outstanding
obligations of the United States with remaining periods
of maturity of 10 years on the date of acquisition of
the land by the Federal agency;
(B) shall be determined based on the rate of tax
and land valuation in effect for the land under the
property tax laws of the unit of general local
government that apply in the local tax year in which
the land is acquired by the Federal land management
agency; and
(C) shall include amounts to offset property taxes
that were attributable to--
(i) improvements on the acquired lands; or
(ii) the use of the lands for business
enterprise.
(2) Federal acquisitions from tax-exempt entities.--If a
Federal land management agency acquires lands by purchase,
donation, exchange, or other means from a nongovernmental
organization or other entity that is exempt from local
taxation, paragraph (1) shall apply as if the lands were
acquired from the last person that owned the lands that was not
exempt from such taxation.
(3) Deduction of pilt payments.--In the case of a payment
under this section to a unit of general local government with
respect to land that was acquired by a Federal land management
agency before the date of the enactment of this Act, the head
of the agency shall deduct, from the amount otherwise required
to be paid, the amount of any payment made to the unit with
respect to the land after September 30, 1998, under chapter 69
of title 31, United States Code.
(c) Time for Payment.--The payment required under subsection (a) in
connection with a land acquisition shall be made before the Federal
land management agency takes possession of the land.
(d) Use of Payment.--
(1) In general.--Amounts paid to a unit of general local
government under this section shall be deposited into a trust
fund established and administered by the unit of general local
government.
(2) Restriction on use of principal.--The principal of the
trust fund may not be expended.
(3) Use of interest.--Interest generated by the trust fund
shall be available to the unit of general local government for
any governmental purpose.

SEC. 5. RELATIONSHIP OF ONE-TIME PAYMENTS TO PAYMENTS IN LIEU OF TAXES.

A one-time payment received by a unit of general local government
under this Act shall not be deducted or in any way used to offset
payments required to be made to the unit under chapter 69 of title 31,
United States Code.

SEC. 6. DEFINITIONS.

In this section:
(1) Donation.--The term ''donation'' includes any
conveyance of land to the Federal Government that is required
as a condition of receipt of any benefit under Federal law.
(2) Federal land management agency.--The term ''Federal
land management agency'' means each of the following:
(A) The Forest Service.
(B) The Bureau of Land Management.
(C) The National Park Service.
(D) The United States Fish and Wildlife Service.
(3) Unit of general local government.--The term ''unit of
general local government'' has the meaning given the term in
section 6901(2) of title 31, United States Code.
A:
Amends Federal law to fund the payment in lieu of taxes program for five years.Permits a local government to receive a one-time payment to offset revenue loss from a Federal acquisition of land within its jurisdiction. Specifies that if a local government receives a one-time payment, the acquired land shall not be considered entitlement land, irrespective of changes in economic factors.Applies this Act to land acquisitions completed after September 30, 1998. Specifies criteria for determining amounts of one-time payments.Provides that in the case of land acquired before enactment of this Act, the head of the Federal land management agency shall deduct from the one-time payment the amount of any Federal sums paid to the local government since September 30, 1998.Requires each one-time payment to go into a trust fund, the interest of which may be used for any governmental purpose. Forbids expenditure of the principal of such a fund.