[Code of Federal Regulations]
[Title 43, Volume 2]
[Revised as of October 1, 2004]
From the U.S. Government Printing Office via GPO Access
[CITE: 43CFR1881.41]

[Page 48]
 
                    TITLE 43--PUBLIC LANDS: INTERIOR
 
    CHAPTER II--BUREAU OF LAND MANAGEMENT, DEPARTMENT OF THE INTERIOR
 
PART 1880_FINANCIAL ASSISTANCE, LOCAL GOVERNMENTS--Table of Contents
 
                 Subpart 1881_Payments in Lieu of Taxes
 
Sec. 1881.41  How does BLM calculate section 6905 payments?

    (a) BLM calculates payments by determining 1% of the fair market 
value of the purchased land and comparing the result to the amount of 
real estate taxes paid on the land in the year prior to Federal 
acquisition. The payment to qualified units of general local government 
will be the lesser of the two.
    (b) BLM disburses payments annually for a period of five years 
beginning in the year immediately following the year of Federal 
acquisition of the land or interest. The difference, if any, between the 
amounts actually paid during each of the five years and 1% of the fair 
market value will be deferred to future years. However, a payment or any 
portion of a payment not paid because Congress appropriated insufficient 
monies will not be deferred. BLM will begin annual payment of the 
deferred amount (calculated the same as in paragraph (a) of this 
section) starting with the sixth fiscal year following Federal 
acquisition. BLM disburses payment of the deferred amount until the 
total amount deferred during the first five years is paid in full.

State and Local Governments' Responsibilities After BLM Distributes PILT 
                                Payments