§ 1163. Exemption from taxes. 1. It is hereby determined that the\ncreation of the authority and the carrying out of its corporate purposes\nis in all respects for the benefit of the people of the state of New\nYork and is a public purpose. Accordingly, the authority shall be\nregarded as performing an essential governmental function in the\nexercise of the powers conferred upon it by this title, and the\nauthority shall not be required to pay any fees, taxes, special ad\nvalorem levies or assessments of any kind, whether state or local,\nincluding but not limited to fees, taxes, special ad valorem levies or\nassessments on real property, franchise taxes, sales taxes or other\ntaxes, upon or with respect to any property owned by it or under its\njurisdiction, control or supervision, or upon the uses thereof, or upon\nor with respect to its activities or operations in furtherance of the\npowers conferred upon it by the title, or upon or with respect to any\nfares, tolls, rentals, rates, charges, fees, revenues or other income\nreceived by the authority.\n 2. Any bonds or notes issued pursuant to this title, together with the\nincome therefrom, as well as the property of the authority, shall be\nexempt from taxation, except for transfer and estate taxes.\n
‹ Prev All New York sections Next ›
Lexace provides legal information, not legal advice, and no attorney–client relationship is created. Statute text is provided for general information and may not reflect the most recent amendments; verify against the official state code.