N.Y. Arts and Cultural Affairs Law Section 55.17
Payments in lieu of taxes

The trust may, when funds are available and with the approval of the governor, enter into an agreement with a municipality or district within which real property has been acquired by the trust providing for the payment of moneys in lieu of anticipated tax revenues for a period not to exceed five years whenever the trust shall determine that undue hardship justifying such financial relief has been created by such acquisition.

Source: Section 55.17 — Payments in lieu of taxes, https://www.­nysenate.­gov/legislation/laws/ACA/55.­17 (updated Sep. 22, 2014; accessed Jan. 31, 2026).

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Jan. 31, 2026

Last modified:
Sep. 22, 2014

§ 55.17. Payments in lieu of taxes's source at nysenate​.gov

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