1. Short title This Act may be cited as the Acre In, Acre Out Act . 2. No net increase in certain Federal lands (a) In general For acquisition of land by the Secretary of the Interior or the Secretary of Agriculture that would result in a net increase of total land acreage under the jurisdiction of the National Park Service, the United States Fish and Wildlife Service, the Bureau of Land Management, or the Forest Service, the Secretary concerned shall offer for sale an equal number of acres of Federal land that is under the same jurisdictional status. (b) Exemptions Subsection (a) shall not apply to easements acquired— (1) by the Secretary of the Interior to facilitate management of Federal lands; or (2) by the Secretary of Agriculture to facilitate management of Federal lands. (c) Consideration (1) In general Land sold pursuant to subsection (a) shall be offered for sale— (A) at fair market value (based on local comparable sales); and (B) at a price that is reduced by 10 percent each month if the land is not sold or under contract to be sold by the date that is 6 months after the land was first offered for sale. (2) Exception Time periods during which land is under contract for sale or withdrawn from the market shall not be counted for the purposes of price reduction under paragraph (1)(B). (d) Existing rights The sale of Federal lands pursuant to this section shall be subject to valid existing rights. (e) Proceeds of sale of lands All net proceeds from the sale of Federal lands pursuant to this section shall be deposited directly into the Treasury for reduction of the public debt.