§ 2326 — Tax exemptions

New York § 2326

• Jurisdiction: New York
• Law PBA: Public Authorities
• Title 15: Auburn Industrial Development Authority
• Art. 8: Miscellaneous Authorities

Text

§ 2326. Tax exemptions. 1. It is hereby determined that the creation\nof the authority and the carrying out of its corporate purposes is in\nall respects for the benefit of the people of the city and its environs,\nand is a public purpose, and the authority shall be regarded as\nperforming a governmental function in the exercise of the powers\nconferred upon it by this title and shall be required to pay no taxes or\nassessments upon any of the property acquired by it or under its\njurisdiction or control or supervision or upon its activities. Provided,\nhowever, if the authority is located within a transportation district\nreferenced in paragraph (a) of subdivision two of section two hundred\nfifty-three of the tax law, it shall not be exempt from the additional\ntax on each mortgage of real property situated within the state imposed\nby such paragraph.\n 2. Any bonds or notes issued pursuant to this title, together with the\nincome therefrom, as well as the property of the authority, shall be\nexempt from taxation, except for transfer and estate taxes.\n 3. Agents of the authority and project operators shall annually file a\nstatement with the department of taxation and finance, on a form and in\nsuch a manner as is prescribed by the commissioner of taxation and\nfinance, of the value of all sales and use tax exemptions claimed by\nsuch agents or agents of such agents or project operators, including,\nbut not limited to, consultants or subcontractors of such agents or\nproject operators, under the authority granted pursuant to this section.\nThe penalty for failure to file such statement shall be the removal of\nthe authority to act as an agent of the authority or as a project\noperator.\n 4. (a) Within thirty days of the date that the authority designates a\nproject operator or other person to act as agent of the authority for\npurposes of providing financial assistance consisting of any sales and\ncompensating use tax exemption to such person, the agency shall file a\nstatement with the department of taxation and finance relating thereto,\non a form and in such manner as is prescribed by the commissioner of\ntaxation and finance, identifying each such agent so named by the\nauthority, setting forth the taxpayer identification number of each such\nagent, giving a brief description of the property and/or services\nintended to be exempted from such taxes as a result of such appointment\nas agent, indicating the authority's rough estimate of the value of the\nproperty and/or services to which such appointment as agent relates,\nindicating the date when such designation as agent became effective and\nindicating the date upon which such designation as agent shall cease.\n (b) Within thirty days of the date that the authority's designation\ndescribed in paragraph (a) of this subdivision has been amended,\nterminated, been revoked, or become invalid or ineffective for any\nreason, the authority shall file a statement with the department of\ntaxation and finance relating thereto, on a form and in such manner as\nis prescribed by the commissioner of taxation and finance, identifying\neach such agent so named by the authority in the original designation\nand setting forth the taxpayer identification number and other\nidentifying information of each such agent, the date as of which the\noriginal designation was amended, terminated, revoked, or became invalid\nor ineffective and the reason therefor, together with a copy of the\noriginal designation.\n