Coastal and Estuarine Land Protection Act

Coastal and Estuarine Land Protection Act - Directs the Secretary of Commerce to establish a Coastal and Estuarine Land Protection Program to protect the environmental integrity of undeveloped coastal and estuarine areas. Authorizes the Secretary to make program grants to coastal States, except to ones that have lost less than one percent of their wetlands to development or conversion to other land uses, for the purpose of acquiring property that will further the goals of an approved Coastal Zone Management Plan or Program, a National Estuarine Research Reserve management plan, or a regional or state watershed protection plan.. Prohibits any more than 75 percent of the grant funding from being derived from Federal sources.

Authorizes the Secretary to provide $5 million for a regional watershed protection demonstration project that: (1) leverages land acquisition funding from other Federal conservation or acquisition programs; (2) involves partnerships with Federal, State, and non-governmental entities; (3) creates conservation corridors; (4) protects habitats under imminent threat of development or conversion; (5) provides water quality protection for areas under the National Estuarine Research Reserve program; and (6) provides a model for future regional watershed protection projects.

Reserves 15 percent of program funds for acquisitions benefitting the National Estuarine Research Reserve.

Specifies that when property is acquired under this program, the grant recipient shall provide assurances that: (1) title will be held by the grant recipient; (2) property will be managed consistent with the purpose of the program; and (3) funds will be returned to the Secretary for redistribution if the property is sold, exchanged, or divested.

Amends the Coastal Zone Management Act of 1972 to allow the Secretary to enter into contracts or other arrangements with other Federal agencies (including interagency financing of Coastal America activities) as well as any other qualified person for the purposes of carrying out technical assistance and research to support coastal zone management. (Current law allows the Secretary to enter into such arrangements only with any qualified person).