16 U.S.C. § 406d–3 — Compensation for tax losses; limitation on annual amount

submitted 76 years ago by ch. 950 to r/title-16-CONSERVATION · 365 words · no verdicts yet

in plain englishAI-generated · not legal advice

Wyoming is paid to offset local taxes lost when the U.S. bought private park land. Full payments phase out slowly, dropping 5% a year after the first ten years. Payments can't exceed 25% of visitor fees collected each year from both parks.

(a) This section compensates for tax revenue lost when the United States bought privately owned land — plus any buildings on it — inside the Grand Teton National Park boundary, if the purchase happened after March 15, 1943. Wyoming receives these payments, to pass along to the county where the land sits, on this schedule: for the fiscal year the land was bought, and the next nine years after that, the payment equals the full amount of the last property taxes assessed on the land and buildings, minus anything already paid for taxes during that fiscal year. For each year after that, until twenty years have passed, the payment is that same full tax amount, reduced by 5% for every fiscal year that has passed (including the year being paid for). Any payment owed for a fiscal year before the first full fiscal year after September 14, 1950, doesn't actually get paid until that first full fiscal year ends. (b) As soon as practical after each fiscal year ends, the Secretary of the Interior calculates and certifies the amount owed for that year, and the Secretary of the Treasury pays it. But the payment can never be more than 25% of the entrance fees collected that year from visitors to both Grand Teton and Yellowstone National Parks. Wyoming then distributes the money to the county where the purchased land is located, in whatever way Wyoming decides.

the actual law source: uscode.house.gov ↗public domain

(a)

In order to provide compensation for tax losses sustained as a result of any acquisition by the United States, subsequent to March 15, 1943, of privately owned lands, together with any improvements thereon, located within the exterior boundary of the Grand Teton National Park established by this Act, payments shall be made to the State of Wyoming for distribution to the county in which such lands are located in accordance with the following schedule of payments: For the fiscal year in which the land has been or may be acquired and nine years thereafter there shall be paid an amount equal to the full amount of annual taxes last assessed and levied on the land, together with any improvements thereon, by public taxing units in such county, less any amount, to be determined by the Secretary of the Interior, which may have been paid on account of taxes for any period falling within such fiscal year. For each succeeding fiscal year, until twenty years elapse, there shall be paid on account of such land an amount equal to the full amount of taxes referred to in the preceding sentence, less 5 per centum of such full amount for each fiscal year, including the year for which the payment is to be made: Provided, That the amount payable under the foregoing schedule for any fiscal year preceding the first full fiscal year following September 14, 1950, shall not become payable until the end of such first full fiscal year.

(b)

As soon as practicable after the end of each fiscal year, the amount then due for such fiscal year shall be computed and certified by the Secretary of the Interior, and shall be paid by the Secretary of the Treasury: Provided, That such amount shall not exceed 25 per centum of the fees collected during such fiscal year from visitors to the Grand Teton National Park established by this Act, and the Yellowstone National Park. Payments made to the State of Wyoming under this section shall be distributed to the county where the lands acquired from private landowners are located and in such manner as the State of Wyoming may prescribe.

Source credit: (Sept. 14, 1950, ch. 950, § 5, 64 Stat. 851.)

history & why it existsrecord from the source credit

1950Enacted · Act of Sept. 14, 1950, ch. 950 · 64 Stat. 851

A history note hasn’t been published yet. The record shows enactment by ch. 950 on 1950-09-14.

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