Farm, Ranch, and Homestead Protection Act of 1994

Farm, Ranch, and Homestead Protection Act of 1994 - Amends the Endangered Species Act of 1973 to prohibit, until its reauthorization, the Secretary of the Interior from: (1) determining a species as an endangered or threatened species; or (2) designating a species habitat as a critical habitat.

Requires the Secretary to compensate, upon request, persons and entities for the loss in market value of land that has been designated a critical habitat.

Limits the current requirement that Federal agencies insure that any action (regardless of its expense) they authorize, fund, or carry out is not likely to jeopardize the continued existence of an endangered or threatened species, or result in the destruction or adverse modification of habitat of such species determined to be critical, without an express exemption. Restricts such requirement to agency actions that result in expenditures of $500,000 or more.