Federal Land Transaction Facilitation Act - Directs the Secretary of the Interior to: (1) establish a procedure to identify, by State, inholdings within federally designated areas for which the landowner has indicated a desire to sell the land or an interest in land to the Federal Government and to establish the date upon which the land or interest in land identified became an inholding; and (2) provide in the Federal Register and through other means as deemed appropriate periodic notice to the public of such policy, including any information to consider an inholding for acquisition. Provides that an inholding shall be considered for identification only if the Secretary receives notification of a desire to sell from the owner in response to such a notice and shall be deemed to have been established as of the later of the earlier of the date on which the land was withdrawn from the public domain or established or designated for special management, or the date on which the inholding was acquired by the current owner.

Directs the Secretary to establish a program, using funds from a Federal Land Disposal Account of the Treasury established by this Act, to complete appraisals and satisfy other legal requirements for the sale or exchange of public land identified for disposal under approved land use plans. Sets forth reporting and program termination requirements.

Requires that gross proceeds generated by the sale or exchange of public land under this Act be deposited in the Federal Land Disposal Account.

Sets forth provisions regarding use of the Account, contaminated sites and sites difficult and uneconomic to manage, investment, and program termination.