§ 1599-N*4 — Tax exemptions

New York § 1599-N*4

• Jurisdiction: New York
• Law PBA: Public Authorities
• Title 14***: City of Schenectady Parking Authority
• Art. 7: Parking Authorities

Text

* § 1599-n. Tax exemptions. 1. It is hereby determined that the\ncreation of the authority and the carrying out of its corporate purposes\nis in all respects for the benefit of the people of the city of\nSchenectady and its environs, and is a public purpose, and the authority\nshall be regarded as performing an essential governmental function in\nthe exercise of the powers conferred upon it by this title and shall be\nrequired to pay no taxes, special ad valorem levies or special\nassessments upon any of the property acquired by it or under its\njurisdiction or control or supervision or upon its activities, or any\nfiling, recording or transfer fees or taxes in relation to instruments\nfiled, recorded or transferred by it or on its behalf. The construction,\nuse, occupation or possession of any property owned by the authority,\nincluding improvements thereon, by any person or public benefit\ncorporation under a lease, lease and sublease or any other agreement\nshall not operate to abrogate or limit the foregoing exemption,\nnotwithstanding that the lessee user, occupant or person in possession\nshall claim ownership for federal income tax purposes.\n 2. Any bonds issued pursuant to this title, together with the income\ntherefrom, as well as the property of the authority, shall be exempt\nfrom taxation, except for transfer and estate taxes.\n * NB Authority ceased to exist 08/05/2002\n * NB There are 4 § 1599-n's\n