N.Y. Public Authorities Law 2046-N – Tax exemption
§ 2046-n. Tax exemption. 1. It is hereby determined that the creation of the agency and the carrying out of its corporate purposes is in all respects for the benefit of the people of the town and the state and is a public purpose, and the agency shall be regarded as performing a governmental function in the exercise of the powers conferred upon it by this title and shall not be required to pay taxes or assessments upon any of the real property or improvements thereon acquired by it or under its jurisdiction or control or supervision or upon its activities or any filing, recording or transfer fees or taxes in relation to instruments filed, recorded or transferred by it or on its behalf.
Terms Used In N.Y. Public Authorities Law 2046-N
- 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.
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
2. The bonds and notes issued pursuant to this title, together with the income therefrom, and all its fees, charges, gifts, grants, revenues, receipts and other moneys received or to be received, pledged to pay or secure the payment of such bonds or notes, shall at all times be free from taxation, except for estate and gift taxes and taxes on transfers.