Statement of Policy Regarding the Payment of State and Local Property Taxes

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The Statement of Policy revises and reissues the FDIC's ``Statement of Policy Regarding the Payment of State and Local Property Taxes'' issued on June 4, 1991. As required by section 303(a) of the Riegle Community Development and Regulatory Improvement Act of 1994 (``the RCDRIA''), the FDIC is conducting a systematic review of its regulations and statements of policy that might be inefficient, cause unnecessary burden, or contain outmoded, duplicative, or inconsistent provisions (see 60 FR 62345 (Dec. 6, 1995)). The FDIC has reviewed its 1991 Policy Statement and has concluded that it should be revised and reissued. This revised Statement of Policy would replace the 1991 Policy Statement. The revised Statement of Policy would reflect (1) the statutory ``sunset'' of the Resolution Trust Corporation (``RTC'') on December 31, 1995, resulting in the FDIC's succession to the RTC's remaining responsibilities; and (2) the developing caselaw in the area.