N.Y.
Public Authorities Law Section 3615
Tax exemption and tax contract by the state
1.
It is hereby determined that the creation of the corporation and the carrying out 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 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 the 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 any real property owned or acquired by the corporation outside of the towns shall be exempt from real property taxes, ad valorem levies or special assessments only pursuant to and to the extent provided by an agreement with the governing body of the municipality in which such real property is located. Provided, further, subsidiaries of the corporation are not included within the foregoing exemption.2.
Any bonds issued 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 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 and all revenues, monies, and other property pledged to pay or to secure the payment of such bonds shall at all times be free from taxation.4.
The corporation may pay, or may enter into agreements with the towns or 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 the towns or such municipality.
Source:
Section 3615 — Tax exemption and tax contract by the state, https://www.nysenate.gov/legislation/laws/PBA/3615 (updated Sep. 22, 2014; accessed Apr. 27, 2024).
