Permits a registered or master guide licensed by the State of Alaska as of December 2, 1980, who held a permit for an exclusive or joint-use guide area located within a national park unit established by the Alaska National Interest Lands Conservation Act to apply to the Secretary of the Interior for monetary compensation for: (1) loss of income from guiding in such area as a result of the hunting restrictions imposed by such Act; and (2) any improvements owned within such area and used primarily for guiding. Sets forth the eligibility requirements for such compensation. Requires the Secretary to pay an applicant compensation for lost income and compensation for loss of market value of any improvements within one year after receiving an application, unless the applicant is not eligible for such compensation. Exempts such compensation from Federal taxation. Requires the Secretary to notify an applicant of his or her ineligibility within six months after receipt of an application. Permits judicial review of a rejected application. Establishes the Sport Hunting Guide Compensation Fund to provide compensation pursuant to this Act. Authorizes appropriations beginning after FY 1982 for the fund.