§ 1020-P — Exemption from taxation

New York § 1020-P

• Jurisdiction: New York
• Law PBA: Public Authorities
• Title 1-A: Long Island Power Authority
• Art. 5: Public Utility Authorities

Text

* § 1020-p. Exemption from taxation. 1. It is hereby found and\ndeclared that the operation of the authority is primarily for the\nbenefit of the people of the state of New York, for the improvement of\ntheir health, welfare and prosperity, and is a public purpose, and the\nauthority shall be regarded as performing an essential governmental\nfunction in carrying out the provisions of this title.\n 2. The authority shall be required to pay no taxes nor assessments\nupon any of the property acquired or controlled by it or upon its\nactivities in the operation and maintenance thereof or upon income\nderived therefrom, provided that nothing herein shall prevent the\nauthority from entering into agreements to make payments in lieu of\ntaxes with the governing bodies of municipalities, as provided for in\nsection one thousand twenty-q of this title.\n 3. The securities and other obligations issued by the authority, their\ntransfer and the income therefrom shall, at all times, be free from\ntaxation by the state or any municipality, except for estate and gift\ntaxes.\n * NB There are 2 § 1020-p's\n