This bill, titled the "No Net Gain in Federal Lands Act of 2025," establishes a policy to prevent any net increase in federal land ownership by the Departments of the Interior and Agriculture. Specifically, it dictates that the acreage of land, water, and interests acquired by these departments in a given state during a fiscal year cannot exceed the acreage disposed of in that same state. The legislation requires an annual inventory of all federal land, categorized by type of interest (e.g., fee, easement), under the jurisdiction of each agency within these departments, both per state and in aggregate. Based on this inventory, the Secretary must determine the annual increase or decrease in federal land holdings and submit a report to the President and Congress by September 30th each year. A critical provision addresses non-compliance: if a net gain in federal land occurs in a state, the President is mandated to convey sufficient federal land to that state within 24 months to bring the federal holdings back into compliance. These compliance conveyances are explicitly exempted from being considered a major federal action under the National Environmental Policy Act of 1969 (NEPA).