§ 55.15. 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 and improvement of
the natural, historic and waterfront resources constituting their
natural heritage and in furtherance of their welfare and prosperity, 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 corporation. All contributions of real or
personal property 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.