33 U.S.C. § 986 : US Code - Section 986: Payments to States and local governments in lieu of taxes; tax exemption of Corporation

Search 33 U.S.C. § 986 : US Code - Section 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.