New York § 55.15 Creation of trust a public purpose

New York Statutes

§ 55.15 — Creation of trust a public purpose

New York § 55.15

Law ACAArts and Cultural Affairs

Title TNatural Heritage Trust

This text of New York § 55.15 (Creation of trust a public purpose) is published on Counsel Stack Legal Research, covering New York primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

N.Y. Arts and Cultural Affairs § 55.15 (2026).

Text

  § 55.15. Creation of trust a public purpose. It is hereby found,\ndetermined and declared that the creation of the trust and the carrying\nout of its corporate purposes is in all respects for the benefit of the\npeople of the state of New York, for the preservation and improvement of\nthe natural, historic and waterfront resources constituting their\nnatural heritage and in furtherance of their welfare and prosperity, and\nis a public purpose, in that the trust will be performing an essential\ngovernmental function in the exercise of the powers conferred upon it by\nthis title and the trust shall not be required to pay taxes or\nassessments upon any of the property acquired by it or under its\njurisdiction and control, or upon its activities in the operation and\nmaintenance of such prop

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§ 55.15. Creation of trust a public purpose. It is hereby found,\ndetermined and declared that the creation of the trust and the carrying\nout of its corporate purposes is in all respects for the benefit of the\npeople of the state of New York, for the preservation and improvement of\nthe natural, historic and waterfront resources constituting their\nnatural heritage and in furtherance of their welfare and prosperity, and\nis a public purpose, in that the trust will be performing an essential\ngovernmental function in the exercise of the powers conferred upon it by\nthis title and the trust shall not be required to pay taxes or\nassessments upon any of the property acquired by it or under its\njurisdiction and control, or upon its activities in the operation and\nmaintenance of such properties or use of any moneys, revenues or other\nincome received by the corporation. All contributions of real or\npersonal property made to the trust whether by gift, devise or bequest\nshall qualify as deductions in computing the net taxable income of the\ndonor for the purposes of any income tax imposed by the state or any\npolitical subdivision thereof.\n