New York § 3661 Tax exemption and tax contract by the state

New York Statutes

§ 3661 — Tax exemption and tax contract by the state

New York § 3661

Law PBAPublic Authorities

Title 1Nassau County Interim Finance Authority

Art. 10-DMiscellaneous Authorities

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Bluebook

N.Y. Public Authorities § 3661 (2026).

Text

§ 3661. Tax exemption and tax contract by the state.

1.It is hereby\ndetermined that the creation of the authority and the carrying out of\nits corporate purposes are in all respects for the benefit of the people\nof the state of New York and are public purposes. Accordingly, the\nauthority shall be regarded as performing an essential governmental\nfunction in the exercise of the powers conferred upon it by this title.\nThe property of the authority, its income and its operations shall be\nexempt from taxation, assessments, special assessments and ad valorem\nlevies. The authority shall not be required to pay any fees, taxes,\nspecial ad valorem levies or assessments of any kind, whether state or\nlocal, including, but not limited to, fees, taxes, special ad valorem\nlevies or assessmen

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§ 3661. Tax exemption and tax contract by the state. 1. It is hereby\ndetermined that the creation of the authority and the carrying out of\nits corporate purposes are in all respects for the benefit of the people\nof the state of New York and are public purposes. Accordingly, the\nauthority shall be regarded as performing an essential governmental\nfunction in the exercise of the powers conferred upon it by this title.\nThe property of the authority, its income and its operations shall be\nexempt from taxation, assessments, special assessments and ad valorem\nlevies. The authority shall not be required to pay any fees, taxes,\nspecial ad valorem levies or assessments of any kind, whether state or\nlocal, including, but not limited to, fees, taxes, special ad valorem\nlevies or assessments on real property, franchise taxes, sales taxes or\nother taxes, upon or with respect to any property owned by it or under\nits jurisdiction, control or supervision, or upon the uses thereof, or\nupon or with respect to its activities or operations in furtherance of\nthe powers conferred upon it by this title, or upon or with respect to\nany fares, tolls, rentals, rates, charges, fees, revenues or other\nincome received by the authority.\n 2. Any bonds issued pursuant to this title, their transfer and the\nincome therefrom shall, at all times, be exempt from taxation.\n 3. The state hereby covenants with the purchasers and with all\nsubsequent holders and transferees of bonds issued by the authority\npursuant to this title, in consideration of the acceptance of and\npayment for the bonds, that the bonds of the authority issued pursuant\nto this title and the income therefrom and all revenues, moneys, and\nother property pledged to pay or to secure the payment of such bonds\nshall at all times be exempt from taxation.\n