2015 US Code
Title 33 - Navigation and Navigable Waters (Sections 1 - 4009)
Chapter 19 - Saint Lawrence Seaway (Sections 981 - 990)
Sec. 986 - Payments to States and local governments in lieu of taxes; tax exemption of Corporation

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Publication TitleUnited States Code, 2012 Edition, Supplement 3, Title 33 - NAVIGATION AND NAVIGABLE WATERS
CategoryBills and Statutes
CollectionUnited States Code
SuDoc Class NumberY 1.2/5:
Contained WithinTitle 33 - NAVIGATION AND NAVIGABLE WATERS
CHAPTER 19 - SAINT LAWRENCE SEAWAY
Sec. 986 - Payments to States and local governments in lieu of taxes; tax exemption of Corporation
Containssection 986
Date2015
Laws In Effect As Of DateJanuary 3, 2016
Positive LawNo
Dispositionstandard
Source CreditMay 13, 1954, ch. 201, §7, 68 Stat. 95.
Statutes at Large Reference68 Stat. 95

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33 U.S.C. § 986 (2015)

§986. Payments to States and local governments in lieu of taxes; tax exemption of 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.

(May 13, 1954, ch. 201, §7, 68 Stat. 95.)

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