1. Short title

This Act may be cited as the "Acquired Lands Revenue Modernization Act".

2. Disposition of receipts from oil and gas leases of acquired lands

(a) Mineral Leasing Act for Acquired Lands - Section 6(a) of the Mineral Leasing Act for Acquired Lands (30 U.S.C. 355(a)) is amended, in the first sentence—

(1) by striking "Subject to the provisions of section 35(b) of the Mineral Leasing Act ("30 U.S.C. 191(b)"), all" and inserting "All"; and

(2) by striking "for other receipts" and all that follows through "such lands" and inserting "in section 35 of the Mineral Leasing Act ("30 U.S.C. 191")".

(b) Mineral Leasing Act - Section 35(a) of the Mineral Leasing Act (30 U.S.C. 191(a)) is amended, in the first sentence—

(1) by striking ", and rentals" and inserting "("30 U.S.C. 1701 et seq."), rentals"; and

(2) by inserting "(30 U.S.C. 1001 et. seq.), and oil and gas leases under the Mineral Leasing Act for Acquired Lands (30 U.S.C. 351 et. seq.)" after "Geothermal Steam Act of 1970".