N.Y. Public Authorities Law 2624 – Exemption from taxation
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§ 2624. Exemption from taxation. 1. It is hereby determined that the creation of the authority and the conduct of its corporate purposes is in all respects for the benefit of the people of this state and the United States, and is a public purpose, and the authority shall be regarded as performing a governmental function in the exercise of the powers conferred upon it by this title.
Terms Used In N.Y. Public Authorities Law 2624
- 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.
2. The authority, its operations, property and moneys shall be free from taxation of every kind and nature by a public corporation, the state and any subdivision thereof.