§ 432. Theatrical corporations created by act of congress.
1.Real\nproperty owned by a corporation created by an act of the congress of the\nUnited States on a non-profit basis and without capital stock, and\norganized and used exclusively for the purposes of stimulating public\ninterest in the drama as an art, presenting theatrical productions,\nadvancing interest in the drama by furthering the production of plays,\nfurthering the study of the drama, and sponsoring, encouraging and\ndeveloping the art and technique of the theatre through the operation of\na school and which was acquired with moneys donated to such corporation\nas a result of popular or general appeal shall be exempt from taxation\nand exempt from special ad valorem levies and special assessments to the\nextent provid
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§ 432. Theatrical corporations created by act of congress. 1. Real\nproperty owned by a corporation created by an act of the congress of the\nUnited States on a non-profit basis and without capital stock, and\norganized and used exclusively for the purposes of stimulating public\ninterest in the drama as an art, presenting theatrical productions,\nadvancing interest in the drama by furthering the production of plays,\nfurthering the study of the drama, and sponsoring, encouraging and\ndeveloping the art and technique of the theatre through the operation of\na school and which was acquired with moneys donated to such corporation\nas a result of popular or general appeal shall be exempt from taxation\nand exempt from special ad valorem levies and special assessments to the\nextent provided in section four hundred ninety of this article, as\nprovided for corporations in subdivisions one and four of section four\nhundred twenty-a of this article except as hereinafter provided.\n 2. Such real property shall be fully exempt although (a) it or a\nportion thereof is leased or otherwise used by another corporation,\norganized for purposes which are exempt pursuant to section four hundred\ntwenty-a, four hundred twenty-b, four hundred twenty-two, four hundred\ntwenty-four, four hundred twenty-six, four hundred twenty-eight or four\nhundred thirty of this article and for one or more of the purposes for\nwhich the owner corporation is organized, as long as such real property\nor portion thereof as the case may be is devoted to such uses and as\nlong as any moneys paid for such use do not exceed the amount of\ncarrying, maintenance and depreciation charges of the property or\nportion thereof as the case may be or (b) the auditorium located thereon\nis leased or otherwise used for public performances, theatrical\npresentations, opera, ballet, concerts, lectures, meetings, graduation\nexercises and educational non-commercial uses for the purposes of\nincome, if such income is necessary for and actually applied to the\nmaintenance and support of such owner corporation and such is not used\nfor the acquisition of additional real property in this state.\n 3. An exemption granted pursuant to this section shall not exceed one\nmillion five hundred thousand dollars.\n