N.Y. Public Authorities Law 2350-M – Exemption from taxes, assessments and certain fees
* § 2350-m. Exemption from taxes, assessments and certain fees. 1. It is hereby determined that the creation of the agency and the carrying out of its corporate purpose is in all respects for the benefit of the people of 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 any fees, taxes, special ad valorem levies or special assessments of any kind, whether state or local, including, but not limited to fees, taxes, special ad valorem levies or assessments on real property, franchise taxes, sales or other taxes, upon or with respect to any properties owned by it or under its jurisdiction, control or supervision, or upon the uses thereof, or upon or with respect to its activities or operations in furtherance of the powers conferred upon it by this title, or upon or with respect to any fees, rents, charges, revenues or other income received by the agency, or any filing, recording or transfer fees or taxes in relation to instruments filed, recorded or transferred by it or on its behalf. The construction, use, occupation or possession of any properties owned by the agency, including improvements thereon or thereto, by the state or any state agency or by the county or any other person under a lease, lease and sublease or any other agreement shall not act 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 2350-M
- 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
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
2. Any bonds issued by the agency pursuant to this title, together with the income therefrom, shall at all times be exempt from taxation.
3. The state hereby covenants with the purchasers and with all subsequent holders and transferees of bonds issued by the agency pursuant to this title, in consideration of the acceptance of and payment for the bonds, that the bonds of the agency issued pursuant to this title and the income therefrom and all revenues, moneys, and other property pledged to pay or to secure the payment of such bonds shall at all times be free from taxation.
4. The agency may pay, or may enter into agreements with the county or any municipality to pay, a sum or sums annually or otherwise or to provide other considerations with respect to the real property owned by the agency located within the county or such municipality.
* NB Repealed December 31, 2023