42-11114. Exemption for property held for
conveyance as parkland; recapture


A. Property that is held by a charitable organization, recognized under section
501(c)(3) of the internal revenue code or under section 43-1201, for transfer to this
state or to a political subdivision of this state to be used as parkland is exempt from
taxation if the charitable organization does not receive rent or valuable consideration.


B. If property that is exempt under this section is transferred to an entity other
than this state or a political subdivision of this state or if the property is used or
occupied by or for the benefit of any other person, the charitable organization is liable
for all tax, interest and penalties that would be due if the property were not exempt
from taxation.