N.Y. Banking Law Section 446
Exemptions

The bonds and notes issued by the savings and loan bank and the savings and loan bank itself, together with its capital, accumulations and funds, shall have the same exemption from taxation as other institutions for savings. No law which taxes corporations in any form, or the shares thereof, or the accumulations therein, shall be deemed to include the savings and loan bank or its issues of bonds or notes unless they are specifically named in such law.

Source: Section 446 — Exemptions, https://www.­nysenate.­gov/legislation/laws/BNK/446 (updated Sep. 22, 2014; accessed Dec. 13, 2025).

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Verified:
Dec. 13, 2025

Last modified:
Sep. 22, 2014

§ 446. Exemptions's source at nysenate​.gov

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