§ 406d-3. — Compensation for tax losses; limitation on annual amount.
[Laws in effect as of January 24, 2002]
[Document not affected by Public Laws enacted between
January 24, 2002 and December 19, 2002]
[CITE: 16USC406d-3]
TITLE 16--CONSERVATION
CHAPTER 1--NATIONAL PARKS, MILITARY PARKS, MONUMENTS, AND SEASHORES
SUBCHAPTER XLIX--GRAND TETON NATIONAL PARK
Sec. 406d-3. Compensation for tax losses; limitation on annual
amount
(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 subchapter and sections 431a, 451a, 482m, 673b, and
673c of this title, 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 subchapter and sections 431a,
451a, 482m, 673b, and 673c of this title, 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.
(Sept. 14, 1950, ch. 950, Sec. 5, 64 Stat. 851.)
Repeal of Inconsistent Laws
Repeal of laws inconsistent with act Sept. 14, 1950, see note set
out under section 406d-1 of this title.
