33 U.S.C. § 986 — Payments to States and local governments in lieu of taxes; tax exemption of Corporation
submitted 72 years ago by ch. 201 to r/title-33-NAVIGATION-AND-NAVIGABLE-WATERS · 144 words · no verdicts yet
This section authorizes the Corporation to make payments to State and local governments in place of certain property taxes. It exempts the Corporation and its property, franchises, and income from State and local taxation, but not its contractors.
The Corporation is authorized to make payments to State and local governments in lieu of property taxes upon property which was subject to State and local taxation before acquisition by the Corporation. Such payments can be in the amounts, at the times, and upon the terms the Corporation treats appropriate, but the Corporation is guided by the policy of making payments not in excess of the taxes which would have been payable for such property in the condition in which it was acquired, except in cases where special burdens are placed upon the State or local government by the activities of the Corporation or its agents. The Corporation, its property, franchises, and income are expressly exempted from taxation in any manner or form by any State, county, municipality, or any subdivision of it, but such exemption cannot extend to contractors for the Corporation.
The Corporation is authorized to make payments to State and local governments in lieu of property taxes upon property which was subject to State and local taxation before acquisition by the Corporation. Such payments may be in the amounts, at the times, and upon the terms the Corporation deems appropriate, but the Corporation shall be guided by the policy of making payments not in excess of the taxes which would have been payable for such property in the condition in which it was acquired, except in cases where special burdens are placed upon the State or local government by the activities of the Corporation or its agents. The Corporation, its property, franchises, and income are expressly exempted from taxation in any manner or form by any State, county, municipality, or any subdivision thereof, but such exemption shall not extend to contractors for the Corporation.
Source credit: (May 13, 1954, ch. 201, § 7, 68 Stat. 95.)
- 1954Enacted · Act of May 13, 1954, ch. 201 · 68 Stat. 95
A history note hasn’t been published yet. The record shows enactment by ch. 201 on 1954-05-13.
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