§ 2667 — Tax exemption and tax contract by the state

§ 2667. Tax exemption and tax contract by the state. 1. It is hereby\ndetermined that the creation of the authority and the carrying out of\nits corporate purposes is in all respects for the benefit of the people\nof the state of New York and is a public purpose. Accordingly, the\nauthority shall be regarded as performing an essential governmental\nfunction in the exercise of the powers conferred upon it by this title.\nThe property of the authority, its income and operations shall be exempt\nfrom taxation, assessments, special assessments and special ad valorem\nlevies; the authority shall not be required to pay any fees, taxes,\nspecial ad valorem levies or assessments of any kind, whether state or\nlocal, including but not limited to fees, taxes, special ad valorem\nlevies or assessments on real property, franchise taxes, sales taxes or\nother taxes, upon or with respect to any property owned by it or under\nits jurisdiction, control or supervision, or upon the uses thereof, or\nupon or with respect to its activities or operations in furtherance of\nthe powers conferred upon it by this title, or upon or with respect to\nany fares, tolls, rentals, rates, charges, fees, revenues or other\nincome received by the authority.\n 2. Bonds issued pursuant to this title together with the income\ntherefrom shall at all times be exempt from taxation.\n 3. The state hereby covenants with the purchasers and with all\nsubsequent holders and transferees of bonds issued by the authority\npursuant to this title, in consideration of the acceptance of and\npayment for the bonds, that the bonds of the authority issued pursuant\nto this title and the income therefrom and all revenues, monies, and\nother property pledged to pay or to secure the payment of such bonds\nshall at all times be free from taxation.\n 4. The authority may pay, or may enter into agreements with the county\nor any municipality to pay, a sum or sums annually or otherwise or to\nprovide other considerations with respect to the real property owned by\nthe authority located within the county or such municipality.\n 5. Notwithstanding subdivision four of this section, any project\nauthorized by paragraphs (d), (m) and (n) of subdivision eight of\nsection twenty-six hundred fifty-five of this title except government\noffice space, building or facilities shall be exempt from real property\ntaxation, calculated not to exceed the following: ten years of full\nexemption followed by one year of exemption from eighty percent of such\ntaxation, followed by one year of exemption from sixty percent of such\ntaxation, followed by one year of exemption from forty percent of such\ntaxation, followed by one year of exemption from twenty percent of such\ntaxation.\n