Northern Cheyenne Lands Act - Directs the Secretary of the Interior to take approximately 1,567 acres of land in Montana depicted on the map entitled "Northern Cheyenne Lands Act - Fee-to-Trust Lands" and dated March 26, 2014, into trust for the Northern Cheyenne Tribe.
Requires: (1) Great Northern Properties to convey to the Tribe its coal and iron ore mineral interests underlying the land on the Northern Cheyenne Reservation generally depicted on the map entitled "Northern Cheyenne Land Act - Coal Tracts" and dated February 27, 2014, and (2) the Secretary to convey to Great Northern Properties all of U.S. coal mineral interests underlying the land generally depicted as "Bull Mountains" and "East Fork" on the map entitled "Northern Cheyenne Federal Tracts" and dated February 27, 2014.
Conditions those conveyances on the Secretary receiving a notice from the Tribe that: (1) it has a revenue sharing agreement with Great Northern Properties regarding future development of the Northern Cheyenne Federal Tracts, and (2) Great Northern Properties has agreed to convey those coal and iron ore mineral interests to the Tribe.
Directs the Secretary to ensure that the deed for those federal coal mineral interests includes a covenant, running with the land, that precludes surface mining of the coal: (1) absent the written consent of the surface owner, and (2) except as determined to be acceptable for further consideration for leasing in a specified Bureau of Land Management (BLM) document.
Requires the coal and iron ore mineral interests conveyed to the Tribe under this Act to be held, upon the Tribe's request, in trust for the Tribe.
Prohibits Montana from taxing the mineral interests this Act conveys to the Tribe.
Requires that, in return for this Act's mineral conveyances:
Requires the Northern Cheyenne Trust Fund (Fund) to be transferred to the Tribe and deposited into the Tribe's Permanent Fund. Requires the Tribe, in return for such transfer, to waive all of its claims arising from U.S. management of the Fund.