171 



23 



1 laws and contracts in effect on the day before the date 



2 of enactment of this Act. 



3 (4) Nothing- in this subsection shall be construed to 



4 grant a possessor}^ interest to a concessioner whose con- 



5 tract in effect on the date of enactment of this Act does 



6 not include recognition of a possessory interest. 



7 (b) New Contracts. — (1)(A) With respect to a con- 



8 cession contract entered into on or after the date of enact- 



9 ment of this Act, the value of any outstanding possessory 



10 interest associated with such contract shall be set at the 



1 1 value determined by the Secretaiy pursuant to subsection 



12 (a)(3). 



13 (B) As a condition of entening into a concession con- 



14 tract, the value of any outstanding possessory interest 



15 shall be reduced on an annual basis, in equal portions, 



16 over the same number of years as the time period associ- 



17 atcd with the straight line depreciation of the structure, 



18 fixture, or improvement associated with such possessory 



19 interest, as pro\aded by applicable Federal income tax laws 



20 and regulations in effect on the day before the date of 



21 enactment of this Act. 



22 (C) In the event that the contract expires or is termi- 



23 nated prior to the elimination of any outstanding 



24 possessory interest,the concessioner shall be entitled to re- 



25 ceive from the United States or the successor concessioner 



