36 U.S.C. § 151106 — Tax exemption
submitted 28 years ago by Pub. L. 105-225 to r/title-36-PATRIOTIC-AND-NATIONAL-OBSERVANCES-CEREMONIES-AND-ORGANIZATIONS · 137 words · no verdicts yet
The corporation’s real property in Washington, D.C., is exempt from tax if it is used for the corporation’s purposes and does not produce income. Its personal property is exempt if it is used for those purposes or to produce income for them. Each year, the corporation must report its property, property income, and use or disposition of both to the Secretary of Education.
(a) Real Property. The corporation's real property is exempt from taxation only if it meets three conditions: it is located in the District of Columbia, it is used for the purposes listed in section 151102, and it is not used to produce income.
(b) Personal Property. The corporation's personal property is exempt from taxation if it is used for the purposes in section 151102, or if it is used to produce income that goes toward those purposes.
(c) Annual Report. Each year, the corporation must send the Secretary of Education a written report giving details, for the prior year, of: (1) the real and personal property it holds; (2) the income earned from that property; and (3) how it spent, used, or disposed of the property and its income.
Real property of the corporation is exempt from taxation if it is—
located in the District of Columbia;
used for the purposes provided in section 151102 of this title; and
not used to produce income.
Personal property of the corporation is exempt from taxation if it is used for the purposes provided in section 151102 of this title or to produce income to be used for those purposes.
The corporation shall submit annually to the Secretary of Education a written report stating in detail for the prior year—
the real and personal property held by the corporation;
the income from the property; and
the expenditure or other use or disposition of the property and income from the property.
Source credit: (Pub. L. 105–225, Aug. 12, 1998, 112 Stat. 1398.)
- 1998Enacted · Pub. L. 105-225 · 112 Stat. 1398
A history note hasn’t been published yet. The record shows enactment by Pub. L. 105-225 on 1998-08-12.
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