N.Y. Public Authorities Law 3019 – Exemption from taxation
§ 3019. Exemption from taxation. 1. It is hereby determined that the creation of a corporation and the carrying out of its corporate purpose is in all respects a public and governmental purpose for the benefit of the people of the state and for the improvement of their health, safety, welfare, comfort and security, and that said purposes are public purposes and that a corporation will be performing an essential governmental function in the exercise of the powers conferred upon it by this act.
Terms Used In N.Y. Public Authorities Law 3019
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
- notes: means bonds and notes, respectively, issued by a municipal assistance corporation pursuant to this article. See N.Y. Public Authorities Law 3003
- Revenues: means all federal or state aid, rents, fees, charges, payments and other income and receipts paid or payable to a municipal assistance corporation or for the account of a municipal assistance corporation, including any payment permitted or required to be made to such a corporation by this article. See N.Y. Public Authorities Law 3003
- State: means the state of New York. See N.Y. Public Authorities Law 3003
2. The property of a corporation and its income and operations shall be exempt from taxation.
3. The notes and bonds of a corporation issued pursuant to authority granted in the special act creating it or this act and the income therefrom and all its fees, charges, gifts, grants, revenues, receipts and other moneys received or to be received, pledged to pay, or secure the payment of, such notes or bonds shall at all times be free from taxation, except for estate and gift taxes and taxes on transfers.