§ 207-a. Exemption of corporations owned by a municipality. On and after the second day of June, nineteen hundred forty, the provisions of this article shall not apply to any corporation all of the capital stock of which is owned by a municipal corporation of this state.

Terms Used In N.Y. Tax Law 207-A

  • 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.