N.Y. Public Authorities Law 3869 – Tax exemption
§ 3869. Tax exemption. 1. It is hereby determined that the creation of the authority and the carrying out of its corporate purposes are in all respects for the benefit of the people of the state of New York and are public purposes. Accordingly, the authority shall be regarded as performing an essential governmental function in the exercise of the powers conferred upon it by this title. The authority shall not be required to pay any fees, taxes, special ad valorem levies or 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 taxes or other taxes, upon income or with respect to any property 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 fares, tolls, rentals, rates, charges, fees, revenues or other income received by the authority.
Terms Used In N.Y. Public Authorities Law 3869
- 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.
- Revenues: means revenues of the authority consisting of city tax revenues, school district tax revenues, state aid revenues, and all other aid, rents, fees, charges, gifts, payments and other income and receipts paid or payable to the authority or a trustee for the account of the authority, to the extent such amounts are pledged to bondholders. See N.Y. Public Authorities Law 3851
- State: means the state of New York. See N.Y. Public Authorities Law 3851
2. Any bonds, notes or other obligations issued pursuant to this title, and the income therefrom shall, to the maximum extent practicable, be exempt from taxation.