Land and Water Conservation Authorization and Funding Act This bill amends the Land and Water Conservation Fund Act of 1965 to make permanent the authorization for the Land and Water Conservation Fund (LWCF). The bill eliminates the requirement that the funds which are deposited into the LWCF remain in there until appropriated by Congress to carry out the purposes of the LWCF. Funds deposited into the LWCF may be spent without being subject to the appropriations process. These funds are in addition to amounts made available by the Gulf of Mexico Energy Security Act of 2006 or otherwise appropriated from the LWCF. The President shall submit to Congress detailed account, program, and project allocations as part of the President's annual budget submission. At least 1.5% of the annual authorized funds shall be used for projects that secure recreational public access to existing federal public land for hunting, fishing, and other recreational purposes.