A bill to provide for payments in lieu of taxes to be made by the United States to local governments for property which is exempt from property taxation under Federal law and which is located within the jurisdiction of the local government and owned by a foreign government or international organization.

Provides for payments in lieu of taxes to be made by the United States to local governments for property which is exempt from real property taxation under Federal law and which is located within the jurisdiction of the local government and owned by a foreign government or international organization.

Requires the Administrator of General Services to report to Congress on the revenue effects of the program of payments authorized by this Act.