Property of nonprofit organization engaged in containment of coastal and tidal oil spills

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    Personal property is not subject to property tax if the property:

        (1)    is owned by a nonprofit organization that:

            (i)    is qualified as tax exempt under § 501(c)(4) of the Internal Revenue Code; and

            (ii)    is engaged primarily in providing a program to render its best efforts to contain, clean up, and otherwise mitigate spills of oil or other substances occurring in United States coastal and tidal waters; and

        (2)    is used for the purposes of the organization.


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