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This entry was published on 2014-09-22
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Creation of trust a public purpose
Arts and Cultural Affairs (ACA) CHAPTER 11-C, TITLE S, ARTICLE 54
§ 54.15. Creation of trust a public purpose. It is hereby found,
determined and declared that the creation of the trust and the carrying
out of its corporate purposes is in all respects for the benefit of the
people of the state of New York, for the preservation, improvement and
promotion of the executive mansion as a historical and cultural resource
of the state of New York, and is a public purpose, in that the trust
will be performing an essential governmental function in the exercise of
the powers conferred upon it by this title and the trust shall not be
required to pay taxes or assessments upon any of the property acquired
by it or under its jurisdiction and control, or upon its activities in
the operation and maintenance of such properties or use of any moneys,
revenues or other income received by the trusts. All contributions made
to the trust whether by gift, devise or bequest shall qualify as
deductions in computing the net taxable income of the donor for the
purposes of any income tax imposed by the state or any political
subdivision thereof. The trust is authorized to seek exemption for
federal tax purposes.