To provide for a land exchange involving private land and Bureau of Land Management land in the vicinity of Holloman Air Force Base, New Mexico, for the purpose of removing private land from the required safety zone surrounding munitions storage bunkers at Holloman Air Force Base.

Directs the Secretary of the Interior to convey to Randal, Jeffrey, and Timothy Rabon (the Rabons) of Otero County, New Mexico, all right, title, and interest of the United States in a specified parcel of public land administered by the Secretary through the Bureau of Land Management (BLM) depicted on the map entitled "Alamogordo Rabon Land Exchange" dated September 24, 2004.

Directs the Rabons, in exchange for such conveyance, to convey to the United States all right, title, and interest in a specified parcel of land that is contiguous to Holloman Air Force Base, New Mexico, and is located within the required safety zone surrounding munitions storage bunkers.

Includes in such land exchanges the conveyance of all surface, subsurface, mineral, and water rights.

Requires the Secretary to carry out the land exchanges in accordance with the Federal Land Policy Management Act of 1976 and to bear the costs of appraisals performed as part of the land exchanges. Authorizes a cash equalization payment in excess of 25 percent of the appraised value of the public lands to be conveyed to the Rabons.