PILT Fairness Act of 2002

Amends Federal law to fund the payment in lieu of taxes program for five years.

Permits a local government to receive a one-time payment to offset revenue loss from a Federal acquisition of land within its jurisdiction. Specifies that if a local government receives a one-time payment, the acquired land shall not be considered entitlement land, irrespective of changes in economic factors.

Applies this Act to land acquisitions completed after September 30, 1998. Specifies criteria for determining amounts of one-time payments.

Provides that in the case of land acquired before enactment of this Act, the head of the Federal land management agency shall deduct from the one-time payment the amount of any Federal sums paid to the local government since September 30, 1998.

Requires each one-time payment to go into a trust fund, the interest of which may be used for any governmental purpose. Forbids expenditure of the principal of such a fund.