10 U.S.C. § 3674
Long-term lease or charter defined; substantial termination liability
United States · Title 10 — ARMED FORCES · Status: effective
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- Citation
- 10 U.S.C. § 3674, Long-term lease or charter defined; substantial termination liability, United States, version 1 as recorded 2026-07-09, yourstate.us, https://yourstate.us/provision/434735
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Full text
In this chapter, the term “long-term lease or charter” (except as provided in paragraph (2)) means a lease, charter, service contract, or conditional sale agreement—
In the case of an agreement under which the lessor first places the property in service under the agreement or the property has been in service for less than one year and there is allowable to the lessor or charterer an investment tax credit or depreciation for the property leased, chartered, or otherwise provided under the agreement under section 168 of the Internal Revenue Code of 1986 (unless the lessor or charterer has elected depreciation on a straightline method for such property), the term “long-term lease or charter” means a lease, charter, service contract, or conditional sale agreement—
For the purposes of this chapter, the United States shall be considered to have a substantial termination liability under a contract—
if (as determined under regulations prescribed by the Secretary of Defense) the sum of—
Legislative history
The public laws that enacted or amended this section. Tallies are for the whole bill as it passed each chamber — often an omnibus covering far more than this provision — not a vote on this section alone.
- William M. (Mac) Thornberry National Defense Authorization Act for Fiscal Year 2021