§ 513 — Exemption from taxation

§ 513. Exemption from taxation. 1. The moneys and property of each\ncorporation and any property under its jurisdiction, control or\nsupervision, and all of its activities and operations shall be exempt\nfrom taxation. Provided, however, no exemption is granted from the taxes\nimposed under article five-a of this chapter and no exemption is granted\nfrom real property taxation on real property not owned by such a\ncorporation. Where real property owned by the corporation is used\npartially for the corporate purpose of the corporation and partially for\npurposes unrelated to its corporate purpose, that portion used for such\nunrelated purposes shall be subject to real property taxes in accordance\nwith the real property tax law and any other applicable provisions of\nlaw.\n 2. The state covenants with the purchasers of and with all subsequent\nholders and transferees of bonds and notes issued by a corporation\npursuant to sections two hundred twenty-two through seven hundred five\nof this chapter, in consideration of the acceptance of and payment for\nthe said bonds and notes, that the said bonds and notes and the income\ntherefrom, and all moneys, funds and revenue pledged to pay or secure\nthe payment of such bonds and notes shall at all times be free from\ntaxation, except for estate and gift taxes and taxes on transfers.\n