N.Y. Public Authorities Law 2799-QQQ – Exemption from taxes, assessments and certain fees
§ 2799-qqq. Exemption from taxes, assessments and certain fees. 1. The authority, notwithstanding the provisions of the real property tax law, any other general, special, or local law, or ordinance, rule or regulation to the contrary, with respect to the airport, aviation facilities, pollution control facilities, any real property, and any facility shall be exempt from taxation and shall not be required to pay any fees, taxes, special ad valorem levies or special assessments, whether state or local, including but not limited to fees, taxes, special ad valorem levies or assessments on real property, franchise taxes, sales taxes or other excise taxes, upon the airport, aviation facilities, pollution control facilities, any facility or any property owned or leased by it or under its jurisdiction, control or supervision, or upon the uses thereof, or upon its activities in the operation and maintenance of its facilities or any fares, tolls, rentals, rates, charges, fees, revenues or other income received by the authority. Notwithstanding the previous sentence; (1) the authority shall be required to pay (a) only those special ad valorem levies or assessments payable by the city immediately prior to the effective date of this act and (b) scheduled payments in lieu of taxes payable by the city to school districts and to towns pursuant to PILOT agreements in effect immediately prior to the effective date of this act; and (2) tax parcels not owned by the city and not tax exempt prior to the effective date of this act shall not become tax exempt upon the effective date of this act. Tax parcels acquired by the authority subsequent to the effective date of this act shall be exempt from taxes, assessments, special ad valorem levies, and special assessments fees as provided herein, subject to the obligation to make payments in lieu of taxes to the extent provided in subdivision three of section twenty-seven hundred ninety-nine-uuu of this title. The authority, notwithstanding the provisions of any general, special, or local law, or ordinance, resolution, rule, or regulation to the contrary, with respect to the airport, aviation facilities, pollution control facilities, real property, and other facilities used for public aviation purposes or for airport development or to support or in connection with the airport, aviation facilities, pollution control facilities, real property or other facilities, shall at all times be exempt from any filing, mortgage recording or transfer fees or taxes in relation to instruments filed, recorded or transferred by them or on their behalf. The construction, use, occupation or possession of any property owned by the authority, including improvements thereon, by any person or public corporation under a lease, lease and sublease or any other agreement shall not operate to abrogate or limit the foregoing exemption, notwithstanding that the lessee, user, occupant or person in possession shall claim ownership for federal income tax purposes.
Terms Used In N.Y. Public Authorities Law 2799-QQQ
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
- Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
2. Any bonds issued pursuant to this title together with the income therefrom as well as the property of the authority shall at all times be exempt from taxes, except for transfer and estate taxes. The state hereby covenants with the purchasers and with all subsequent holders and transferees of bonds issued by the authority pursuant to this title, in consideration of the acceptance of and payment for the bonds, that the bonds of the authority issued pursuant to this title and the income therefrom and all revenues, moneys, and other property pledged to secure the payment of such bonds shall at all times be free from taxation, except for transfer and estate taxes.