The "Alaska Native Landless Equity Act" seeks to address the historical omission of five southeastern Alaska Native communities from the original Alaska Native Claims Settlement Act (ANCSA). Specifically, it aims to provide equity for the communities of Haines, Ketchikan, Petersburg, Tenakee, and Wrangell. The Act authorizes the Native residents of these communities to organize as Urban Corporations under ANCSA and to receive settlement land.

A key provision of the bill mandates the Secretary to convey the surface estate of approximately 23,040 acres of Federal land to each of these five newly established Urban Corporations. The subsurface estate for this land will be conveyed to the Regional Corporation for Southeast Alaska. These conveyances are intended to be the full and final satisfaction of their land entitlement under ANCSA, with specific acreage targets and provisions for adjustment if surveyed amounts fall outside a narrow range.

The Act amends ANCSA to establish shareholder eligibility, enrolling individual Natives from these communities into their respective Urban Corporations. These shareholders will receive 100 shares of Settlement Common Stock if they were previously shareholders of the Regional Corporation for Southeast Alaska. Furthermore, Native members who become shareholders in these Urban Corporations will continue to be eligible for distributions as at-large shareholders of the Regional Corporation for Southeast Alaska, ensuring their ongoing financial participation.

The bill includes provisions for the management of the conveyed lands, stipulating that they will remain open for subsistence uses, noncommercial recreational hunting and fishing, and other noncommercial recreational uses by the public. Urban Corporations may impose reasonable restrictions for public safety, conflict minimization, cultural protection, research, or environmental protection. Additionally, the Act requires the Secretary of Agriculture to pursue binding mutual use agreements for roads and transportation facilities between the Forest Service and the Urban Corporations within the Tongass National Forest.

To facilitate implementation, the Act authorizes an appropriation of $12,500,000, to be distributed as five grants of $2,500,000 each. These funds are designated for activities supporting the implementation of the section, including planning and development. The bill also allows for the establishment of settlement trusts by each Urban Corporation to promote the health, education, and welfare of beneficiaries and preserve Native heritage and culture.