This legislation aims to authorize, direct, and expedite a land exchange between the Chugach Alaska Corporation and the United States. The primary purpose is to resolve long-standing conflicts stemming from the Exxon Valdez Oil Spill Habitat Protection and Acquisition Program, which resulted in split estate ownership where the Federal Government acquired surface rights and conservation easements, while Chugach Alaska retained subsurface interests. The 1989 Exxon Valdez oil spill led to the establishment of the Exxon Valdez Oil Spill Trustee Council (EVOSTC) and its Program, which used settlement funds to acquire over 600,000 acres of surface estate and conservation easements. Crucially, the EVOSTC acquired 241,000 acres of formerly Native-owned land in the Chugach Region without also acquiring the subsurface interests held by Chugach Alaska. This created a direct conflict between the federal government's conservation objectives and Chugach Alaska's responsibility to develop its subsurface resources under the Alaska Native Claims Settlement Act. To rectify this, the bill directs the Secretary of the Interior to execute a land exchange within one year of enactment, provided Chugach Alaska offers its non-Federal land. Chugach Alaska will convey approximately 231,000 acres of its subsurface estate, which underlies federally owned surface fee and conservation easements. In exchange, the Federal Government will convey approximately 65,374 acres of fee simple land to Chugach Alaska, including National Forest System land and land administered by the Bureau of Land Management and National Park Service. This exchange is designed to consolidate federal ownership of both surface and subsurface estates, thereby perfecting the conservation goals of the Program. It also seeks to fulfill the objectives of the Alaska Native Claims Settlement Act by providing Chugach Alaska with economically viable land for development. The land conveyed to Chugach Alaska will be treated as land conveyed under the Alaska Native Claims Settlement Act. The bill meticulously details the numerous parcels of land involved in both the federal exchange and the non-Federal land conveyance, specifying their acreage and location. Chugach Alaska is permitted to exclude up to 209 acres from its conveyance if those lands have retained development rights for Village Corporations or are designated for shareholder homesites. Minor errors in maps, acreage estimates, or descriptions can be corrected by mutual agreement between the Secretary and Chugach Alaska, with maps controlling in case of conflict.