§ 305. Tax exemption. A railroad redevelopment corporation, during
each year of its existence as such corporation, shall be exempt from the
payment of any and all taxes (including, without limitation, franchise,
organization, income, mortgage recording, excise, sales, and
compensating use taxes) to the state, or to any political subdivision
thereof, or to any officers of any thereof, except taxes and assessments
levied or imposed upon the real property of such corporation; and, as to
such taxes or assessments so levied or imposed, such corporation shall
be entitled to the exemption provided in section four hundred
seventy-six of the real property tax law.