(Measure passed House, amended) Klamath Indian Tribe Restoration Act - Restores Federal recognition along with all Federal rights, privileges, services, and benefits to the members of the Klamath Indian Tribe. Includes members of the Klamath and Modoc Tribes of Oregon, the Yahooskin Band of Snake Indians, and any member of an Indian tribe that resides in Klamath County regardless of the establishment of a reservation for such tribe in the future. Excludes members of the Modoc Indian Tribe of Oklahoma from the provisions of this Act. Provides that nothing in this Act shall alter any property or contractual right or obligation, or obligation for taxes already levied on the Tribe. Provides that the Tribe's constitution and bylaws shall remain in effect and that nothing in this Act shall affect the power of the Tribe's General Council to take action pursuant to such constitution and bylaws. Requires the Secretary of the Interior, upon the written request of the General Council, to conduct a special election to determine whether certain provisions of the Indian Reorganization Act relating to the conservation and development of Indian lands and resources shall be applicable to the Klamath Indian Tribe. Sets forth procedures relating to the adoption of a new constitution for the Tribe. Provides that nothing in this Act shall affect any hunting, fishing, trapping, gathering, or water rights of the Tribe. Requires the Secretary to accept for the benefit of the Tribe, and to hold in trust as part of the Tribe's reservation, any real property that is transferred to him. Requires such property to be subject to all valid existing rights (including liens), outstanding taxes (local and State), and mortgages. Exempts the transfer of such property from all local, State, and Federal taxation. Requires Oregon to exercise criminal and civil jurisdiction over such property. Requires the Secretary, in consultation with State and local officials, to enter into negotiations with the Executive Committee of the General Council to establish, within two years after enactment of this Act, an economic plan for the Tribe. Requires such plan to be submitted to the Congress. Sets forth specified restrictions to be contained in such plan.