Federal Land Asset Inventory Reform Act of 2008 - Directs the Secretary of the Interior to develop a multipurpose cadastre of federal real property (an inventory of real property of the federal government) to assist with federal land management, resource conservation, environmental protection, and use of real property. Authorizes the Secretary to enter into cost-sharing agreements with states to include any non-federal lands in a state in such cadastre. Limits the federal share of any such agreement to 50% of the total cost to a state for the development of the cadastre of the non-federal lands in the state.
Requires the Secretary to submit a report on: (1) existing real property inventories or any components of any cadastre; (2) consolidation of inventories and components; (3) the use of existing inventories and components of any cadastre; (4) the cost savings that will be achieved; and (5) recommendations for legislation.