54 U.S.C. § 101118 — Tax exemptions; contributions toward costs of local government; contributions, gifts, or transfers to or for use of United States

FEDERAL · 54 U.S.C. · Chapter 1011

Tax exemptions; contributions toward costs of local government; contributions, gifts, or transfers to or for use of United States

54 U.S.C. § 101118

Title54 — National Park Service and Related Programs

Chapter1011 — DONATIONS

SubchapterII

Current throughPub. L. 119-99

This text of 54 U.S.C. § 101118 (Tax exemptions; contributions toward costs of local government; contributions, gifts, or transfers to or for use of United States) is published on Counsel Stack Legal Research, covering United States primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

54 U.S.C. § 101118.

Text

(a)Tax Exemption.—The National Park Foundation and any income or property received or owned by it, and all transactions relating to that income or property, shall be exempt from all Federal, State, and local taxation.

(b)Contributions In Lieu of Taxes.—The National Park Foundation may—

(1)contribute toward the costs of local government in amounts not in excess of those which it would be obligated to pay that government if it were not exempt from taxation by virtue of subsection (a) or by virtue of its being a charitable and nonprofit corporation; and

(2)agree to contribute with respect to property transferred to it and the income derived from the property if the agreement is a condition of the transfer.

(c)Transfers Deemed To Be to or for the Use of United States.—Contributions, gifts

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(a) Tax Exemption.—The National Park Foundation and any income or property received or owned by it, and all transactions relating to that income or property, shall be exempt from all Federal, State, and local taxation.
(b) Contributions In Lieu of Taxes.—The National Park Foundation may—
(1) contribute toward the costs of local government in amounts not in excess of those which it would be obligated to pay that government if it were not exempt from taxation by virtue of subsection (a) or by virtue of its being a charitable and nonprofit corporation; and
(2) agree to contribute with respect to property transferred to it and the income derived from the property if the agreement is a condition of the transfer.
(c) Transfers Deemed To Be to or for the Use of United States.—Contributions, gifts, and other transfers made to or for the use of the Foundation shall be deemed to be contributions, gifts, or transfers to or for the use of the United States.

Source Credit

History

(Pub. L. 113–287, §3, Dec. 19, 2014, 128 Stat. 3122.)

Editorial Notes

In subsection (b), the words "in the discretion of its directors" are omitted as unnecessary.

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Bluebook (online)

54 U.S.C. § 101118, Counsel Stack Legal Research, https://law.counselstack.com/usc/54/101118.