Forfeiture Equity Act of 1992

Forfeiture Equity Act of 1992 - Requires the Attorney General to establish a system for paying State and local government sums in lieu of taxes which would be due on property civilly seized by the Attorney General if such property had not been seized.

 
HR 5940 IH
102d CONGRESS
2d Session
 H. R. 5940
To provide for the payment of sums in lieu of taxes with respect to certain
property seized by the United States.
IN THE HOUSE OF REPRESENTATIVES
September 15, 1992
Mr. HOCHBRUECKNER (for himself, Mr. SCHEUER, and Mr. DOWNEY) introduced the
following bill; which was referred to the Committee on the Judiciary
A BILL
To provide for the payment of sums in lieu of taxes with respect to certain
property seized by the United States.
  Be it enacted by the Senate and House of Representatives of the United
  States of America in Congress assembled,
SECTION 1. SHORT TITLE.
  This Act may be cited as the `Forfeiture Equity Act of 1992'.
SEC. 2. PAYMENTS IN LIEU OF TAXES.
  (a) IN GENERAL- Not later than 90 days after the date of the enactment
  of this Act, the Attorney General shall by rule establish a system for
  paying State and local governments sums in lieu of taxes which would be
  due on property civilly seized by the Attorney General if such property
  had not been so seized.
  (b) CONTENT OF RULES- Such rules shall--
  (1) include provisions for paying sums in lieu of delinquent taxes, together
  with any applicable interest and penalties, due at the time of seizure; and
  (2) apply with respect to property seized before, on, or after the date
  such rules take effect.
  (c) DEFINITION- As used in this section, the term `property civilly seized
  by the Attorney General' means property seized under any provision of law
  administered by the Attorney General that provides for civil forfeiture.