Land-In-Trust Schools and Local Governments Equitable Compensation Act - Directs the Secretary of the Interior to attempt to negotiate an agreement among a local educational agency (LEA) or local government, the Secretary, the state, and, if appropriate, a federally recognized Indian tribe or individual Indian under which the parties agree that payments representing property tax revenues lost as a result of the Secretary's taking land into trust for such tribe or Indian shall be: (1) waived in whole or in part; (2) limited for an agreed upon number of years; or (3) otherwise adjusted, including the timing of such payments.
Directs the Secretary to pay each LEA or local government for each fiscal year for which such an agreement is not in effect amounts necessary to ensure that the LEA or local government receives full payment for the amount of property tax revenues lost as a result of lands being held in trust by the Secretary for the benefit of a federally recognized Indian tribe or an individual Indian.
Directs the Secretary of the Treasury to transfer the amounts necessary for such payments directly to the Secretary from the Treasury's general fund without further appropriation.