Land-In-Trust Impact Aid and PILT Equity Act of 2008 - Amends the Elementary and Secondary Education Act of 1965 to ensure that local educational agencies (LEAs) receive full payment under the Impact Aid program, which compensates LEAs for the financial burden of federal activities affecting their school districts, for federal property within their districts that is held in trust for federally recognized Indian tribes or individual Indians.
Directs the Secretary of the Interior to make full payments in lieu of taxes (PILT) to local governments that have federal lands within their areas that are held in trust for federally recognized Indian tribes or individual Indians.