A bill to direct the Secretary of the Treasury to compensate States and units of local government for the loss of real property tax revenues due to the tax-exempt status of certain real estate property owned or occupied by foreign countries and international organizations.
Real Property Tax Compensation Act - Directs the Secretary of the Treasury to make payments to each State and local governmental unit, upon application, to compensate it for the loss of real property tax revenues resulting from the location of exempt real property (owned or occupied by representatives of a foreign country or international organization) with such State or local governmental unit. Sets forth the eligibility requirements for such payments. Provides for regulations to be issued on joint application by governmental units or States.
Introduced in House
Introduced in House
Referred to House Committee on Government Operations.
checking server…
Ask anything about this bill. The AI reads the full text to answer.
Enter to send · Shift+Enter for new line