New York § 1299-O Exemption from taxation

New York Statutes

§ 1299-O — Exemption from taxation

New York § 1299-O

Law PBAPublic Authorities

Title 11-ANiagara Frontier Transportation Authority

Art. 5Public Utility Authorities

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Bluebook

N.Y. Public Authorities § 1299-O (2026).

Text

  § 1299-o. Exemption from taxation. It is hereby found, determined and\ndeclared that the creation of the authority and the carrying out of its\npurposes is in all respects for the benefit of the people of the state\nof New York and for the improvement of their health, welfare and\nprosperity and is a public purpose, and that the authority will be\nperforming an essential governmental function in the exercise of the\npowers conferred upon it by this title. Without limiting the generality\nof the following provisions of this section, property owned by the\nauthority, property leased by the authority and used for transportation\npurposes, and property used for transportation purposes by or for the\nbenefit of the authority exclusively pursuant to the provisions of a\njoint service arrangeme

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§ 1299-o. Exemption from taxation. It is hereby found, determined and\ndeclared that the creation of the authority and the carrying out of its\npurposes is in all respects for the benefit of the people of the state\nof New York and for the improvement of their health, welfare and\nprosperity and is a public purpose, and that the authority will be\nperforming an essential governmental function in the exercise of the\npowers conferred upon it by this title. Without limiting the generality\nof the following provisions of this section, property owned by the\nauthority, property leased by the authority and used for transportation\npurposes, and property used for transportation purposes by or for the\nbenefit of the authority exclusively pursuant to the provisions of a\njoint service arrangement or of a joint facilities agreement or trackage\nrights agreement shall all be exempt from taxation and special ad\nvalorem levies. The authority shall be required to pay no fees, taxes or\nassessments, whether state or local, except special benefit assessments\nif said property is located in a special benefit district, including but\nnot limited to fees, taxes or assessments on real estate, franchise\ntaxes, sales taxes or other excise taxes, upon any of its property, or\nupon the use thereof, or upon its activities in the operation and\nmaintenance of its facilities or on any fares, tolls, rentals, rates,\ncharges or other fees, revenues or other income received by the\nauthority and the bonds of the authority and the income therefrom shall\nat all times be exempt from taxation, except for gift and estate taxes\nand taxes on transfers. This section shall constitute a covenant and\nagreement with the holders of all bonds issued by the authority. The\nterms "taxation" and "special ad valorem levy" shall have the same\nmeanings as defined in section one hundred two of the real property tax\nlaw and the term "transportation purposes" shall have the same meaning\nas used in titles two-a and two-b of article four of such law.\n