§406d–3 Compensation for Tax Losses; Limitation on Annual Amount

Summary

When the United States buys private land inside the Grand Teton National Park after March 15, 1943, it must pay Wyoming money to replace the lost property taxes. For the year the land is bought and for the next nine years, Wyoming gets the last annual tax amount for that land and any buildings, minus any tax already paid for that year as decided by the Interior Secretary. For each year after that up to twenty years total, the payment is the same tax amount reduced by 5% for each fiscal year counted, including the year being paid. Any payments for years before the first full fiscal year after September 14, 1950, are held until the end of that first full fiscal year. After each fiscal year ends, the Interior Secretary figures what is owed and certifies it, and the Treasury Secretary pays it. Total payments in a year cannot be more than 25% of visitor fees collected that year from Grand Teton and Yellowstone. Wyoming must pass the money to the county where the land came from and decide how to divide it.