Alaska Native Veterans Land Allotment Equity Act

Amends the Alaska Native Claims Settlement Act (ANCSA) to declare that any allotment application pending before the Department of the Interior on December 18, 1971, that was closed by the Department pursuant to the civil action Shields v. United States shall be reopened and considered to be approved.

Revises requirements for the eligibility of Alaska Native Vietnam veterans for an allotment. Extends eligibility for allotments to veterans who served between August 5, 1964, and May 7, 1975.

Allows eligible persons to file for allotments of up to two parcels of federal land (as under current law) totaling up to 160 acres.

Eliminates the limitation of these allotments to lands that were vacant, unappropriated, and unreserved on the date when the person eligible for the allotment first used and occupied them.

Allows allotments to be selected from vacant federal lands or lands that have been selected or conveyed to the state of Alaska or a Native Corporation, if the state or Corporation voluntarily relinquishes or conveys the land to the United States for allotment.

Limits the exclusions from lands that may be selected for allotments to: (1) lands in the right-of-way of the TransAlaska Pipeline; (2) the inner or outer corridor of such a right-of-way; or (3) a unit of the National Park System, a National Preserve, or a National Monument.

Allows an heir of a deceased eligible veteran, regardless of the cause of death, to apply for and receive the allotment.

Permits any person who made an allotment selection under ANCSA before this Act's enactment to withdraw it and reselect lands if those originally selected were not conveyed to that person before this Act's enactment.