N.Y.
Public Authorities Law Section 3566
Tax exemption and tax contract by the state
1.
It is hereby determined that the creation of the corporation and the fulfillment of its corporate purposes is in all respects for the benefit of the people of the state of New York and is a public purpose. Accordingly, the corporation shall be regarded as performing an essential governmental function in the exercise of the powers conferred upon it by this title, and the corporation shall not be required to pay any fees, taxes, special ad valorem levies or assessments of any kind, except as provided pursuant to the public health law, whether state or local, including but not limited to fees, taxes, special ad valorem levies or assessments on real property, franchise taxes, sales taxes, transfer taxes, mortgage taxes or other taxes, upon 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 corporation. Provided however, that the corporation shall continue to pay any fee, charge, assessment or payment in lieu of taxes which had been heretofore paid by the state in conjunction with the operation of Roswell Park Cancer Institute at the effective date of transfer.2.
Any bonds issued pursuant to this title together with the income therefrom shall at all times be free from taxation.3.
The state hereby covenants with the purchasers and with all subsequent holders and transferees of bonds issued by the corporation pursuant to this title, in consideration of the acceptance of and payment for the bonds, that the bonds of the corporation issued pursuant to this title and the income therefrom shall at all times be free from taxation.4.
The corporation may pay, or may enter into agreements with any municipality to pay, a sum or sums annually or otherwise or to provide other considerations with respect to real property owned by the corporation located within such municipality.
Source:
Section 3566 — Tax exemption and tax contract by the state, https://www.nysenate.gov/legislation/laws/PBA/3566 (updated Sep. 22, 2014; accessed Apr. 27, 2024).
