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This entry was published on 2014-09-22
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Exemption from taxation
Public Authorities (PBA) CHAPTER 43-A, ARTICLE 5, TITLE 11
§ 1275. Exemption from taxation. It is hereby found, determined and
declared that the creation of the authority and the carrying out of its
purposes is in all respects for the benefit of the people of the state
of New York and for the improvement of their health, welfare and
prosperity and is a public purpose, and that the authority will be
performing an essential governmental function in the exercise of the
powers conferred upon it by this title. Without limiting the generality
of the following provisions of this section, property owned by the
authority, property leased by the authority and used for transportation
purposes, and property used for transportation purposes by or for the
benefit of the authority exclusively pursuant to the provisions of a
joint service arrangement or of a joint facilities agreement or trackage
rights agreement shall all be exempt from taxation and special ad
valorem levies. The authority shall be required to pay no fees, taxes or
assessments, whether state or local, including but not limited to fees,
taxes or assessments on real estate, franchise taxes, sales taxes or
other excise taxes, upon any of its property, or upon the use thereof,
or upon it activities in the operation and maintenance of its facilities
or on any fares, tolls, rentals, rates, charges or other fees, revenues
or other income received by the authority and the bonds of the authority
and the income therefrom shall at all times be exempt from taxation,
except for gift and estate taxes and taxes on transfers. This section
shall constitute a covenant and agreement with the holders of all bonds
issued by the authority. The terms "taxation" and "special ad valorem
levy" shall have the same meanings as defined in section one hundred two
of the real property tax law and the term "transportation purposes"
shall have the same meaning as used in titles two-a and two-b of article
four of such law.