N.Y. Public Authorities Law 3414 – Exemption from taxes and certain fees
§ 3414. Exemption from taxes and certain fees. 1. The corporation shall not be required to pay any fees, taxes or assessments of any kind, except as provided by the public health law, whether state or local, including but not limited to fees or taxes on real property, franchise taxes, sales taxes or other excise taxes, upon any property owned by it or under its jurisdiction, control or supervision and used for a public purpose, or upon the uses thereof, or upon its activities in the operation and maintenance of its facilities used for a public purpose, or any revenues or other income received by the corporation from public purpose activities. The foregoing shall not, however, limit the county from receiving rentals, fees or other consideration pursuant to agreements negotiated with the corporation. The corporation 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 it or on its behalf. The construction, use, occupation, lease or possession of any property owned by the corporation or the county, including improvements thereon, by any person or public corporation under agreement with the corporation or the county 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 3414
- 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.
- 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 corporation 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 corporation pursuant to this title, in consideration of the acceptance of and payment for the bonds, that the bonds of the corporation issued pursuant to this title and the income therefrom and all revenues, monies, 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.