§ 54.15. Creation of trust a public purpose. It is hereby found, determined and declared that the creation of the trust and the carrying out of its corporate purposes is in all respects for the benefit of the people of the state of New York, for the preservation, improvement and promotion of the executive mansion as a historical and cultural resource of the state of New York, and is a public purpose, in that the trust will be performing an essential governmental function in the exercise of the powers conferred upon it by this title and the trust shall not be required to pay taxes or assessments upon any of the property acquired by it or under its jurisdiction and control, or upon its activities in the operation and maintenance of such properties or use of any moneys, revenues or other income received by the trusts. All contributions made to the trust whether by gift, devise or bequest shall qualify as deductions in computing the net taxable income of the donor for the purposes of any income tax imposed by the state or any political subdivision thereof. The trust is authorized to seek exemption for federal tax purposes.

Terms Used In N.Y. Arts and Cultural Affairs Law 54.15

  • Bequest: Property gifted by will.
  • Devise: To gift property by will.
  • Donor: The person who makes a gift.
  • Executive mansion: shall mean the lands and structures constituting the executive residence of the governor at 138 Eagle Street in Albany, New York. See N.Y. Arts and Cultural Affairs Law 54.03
  • Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
  • 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.
  • Trust: shall mean the trust created by section 54. See N.Y. Arts and Cultural Affairs Law 54.03