Modernizing Recreational Fisheries Management Act of 2017 This bill requires the National Oceanic and Atmospheric Administration (NOAA) to enter into an arrangement with the National Academy of Sciences to conduct a study of the South Atlantic and Gulf of Mexico mixed-use fisheries. The bill authorizes a regional fishery management council to use alternative fishery management measures in developing a fishery management plan for a recreational fishery or the recreational component of a mixed-use fishery. The bill establishes a moratorium on any new limited access privilege programs (programs whereby limited access privileges to harvest a quantity of total allowable catch in a fishery are issued by federal permit) in mixed-use fisheries under the jurisdiction of the South Atlantic or Gulf of Mexico Fishery Management Councils. Additionally, the bill establishes exemptions from annual catch limit requirements for certain fisheries. NOAA must follow certain guidelines before issuing a new exempted fishing permit. NOAA must develop a report on facilitating greater incorporation of data, analysis, stock assessments, and surveys from state agencies and nongovernmental sources into fisheries management decisions. NOAA must also establish partnerships with states and make grants to improve recreational fisheries data collection.