US HB775

Prohibits the federal government from acquiring more acres of land, water, or interests in any state during a fiscal year than it disposes of in that same state, applying separately to the Department of the Interior and Department of Agriculture

Requires the Secretary of the Interior and Secretary of Agriculture to complete annual inventories of federal land holdings by state and agency, categorized by interest type (fee, easement, mineral rights), and submit reports to Congress by September 30 each year

Mandates that within 24 months of determining a net gain occurred, the President must convey sufficient federal land to the affected state to restore compliance, with such conveyances exempt from National Environmental Policy Act review

Defines "federal land" broadly to include lands leased by the government, conservation easements, and non-federal land subject to federal restrictions that limit use without federal authorization

Excludes from the definition tribal trust lands, foreclosure acquisitions, lands held by agencies acting as receivers, reverted lands, and lands subject to IRS seizure or securing federal debts