A bill to reestablish and extend the program whereby payments in lieu of taxes may be made with respect to certain real property transferred by the Reconstruction Finance Corporation and its subsidiaries to other Government departments.

[AI summary unavailable — showing source text] Provides that where real property has been transferred on or after January 1, 1946, from the Reconstruction Finance Corporation to any Government department, and title to such real property has been held by the United States continuously since such transfer, then on each date occurring on or after January 1, 1971, and prior to January 1, 1975, on which real property taxes levied by any State or local taxing authority with respect to any period become due, the Government department which has custody and control of such real property shall pay to the appropriate State and local taxing authorities an amount equal to the amount of the real property tax which would be payable to each such State or local taxing authority on such date if legal title to such real property has been held by a private citizen on such date and during all period to which such date relates. States that the failure of any Government department to make, or to make timely payment of, any payment authorizeu' authorized by this Act shall not subject: (1) any Government department, or any person who is a subsequent purchaser of any real property from any Government department, to the payment of any penalty or penalty …