(1)(a) Land acquired by an Indian tribe by purchase, gift or without consideration is exempt from taxation if:
(A) The land is located within the ancient tribal boundaries of the tribe; and
(B) Transfer of the land to a trust administered by the United States has been requested or is in process.
(b) The exemption under this section shall continue for no more than four years after the initial year of exemption under this section. If the land is not transferred to the trust within the five-tax-year exemption period, the exemption pursuant to this subsection shall cease commencing with the first tax year beginning after the expiration of the five-tax-year period.
(2) Property may not be exempt under this section for a tax year beginning on or after July 1, 2012. [1993 c.266 §2; 1995 c.748 §3; 2001 c.753 §29]
(Recreation Facilities and Summer Homes on Federal Land)
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