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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-B
§ 1299-qq. 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 and used for transportation purposes, 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, except special benefit assessments if said property is located in
a special benefit district, 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 uses thereof, or upon its
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 all bonds, notes and obligations 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, notes and obligations 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.