N.Y. Public Authorities Law Section 1299-O
Exemption from taxation

It is hereby found, determined and declared that the creation of the authority and the carrying out of its purposes is in all respects for the benefit of the people of the state of New York and for the improvement of their health, welfare and prosperity and is a public purpose, and that the authority will be performing an essential governmental function in the exercise of the powers conferred upon it by this title. Without limiting the generality of the following provisions of this section, property owned by the authority, property leased by the authority and used for transportation purposes, and property used for transportation purposes by or for the benefit of the authority exclusively pursuant to the provisions of a joint service arrangement or of a joint facilities agreement or trackage rights agreement shall all be exempt from taxation and special ad valorem levies. The authority shall be required to pay no fees, taxes or assessments, whether state or local, except special benefit assessments if said property is located in a special benefit district, including but not limited to fees, taxes or assessments on real estate, franchise taxes, sales taxes or other excise taxes, upon any of its property, or upon the use thereof, or upon its activities in the operation and maintenance of its facilities or on any fares, tolls, rentals, rates, charges or other fees, revenues or other income received by the authority and the bonds of the authority and the income therefrom shall at all times be exempt from taxation, except for gift and estate taxes and taxes on transfers. This section shall constitute a covenant and agreement with the holders of all bonds issued by the authority. The terms “taxation” and “special ad valorem levy” shall have the same meanings as defined in Real Property Tax Law § 102 (Definitions)section one hundred two of the real property tax law and the term “transportation purposes” shall have the same meaning as used in titles two-a and two-b of article four of such law.

Source: Section 1299-O — Exemption from taxation, https://www.nysenate.gov/legislation/laws/PBA/1299-O (updated Sep. 22, 2014; accessed Oct. 26, 2024).

1299
Short title 1299‑A
Definitions 1299‑B
Niagara Frontier transportation district 1299‑C
Niagara Frontier transportation authority 1299‑D
Purposes of the authority 1299‑E
General powers of the authority 1299‑EEE
Transit adjudication bureau 1299‑F
Special powers of the authority 1299‑G
Acquisition and disposition of real property 1299‑GG
Acquisition and disposition of real property by department of transportation 1299‑H
Co-operation and assistance of other agencies 1299‑I
Notes and bonds of the authority 1299‑J
Reserve funds and appropriations 1299‑K
Agreement of the state 1299‑L
Right of state to require redemption of bonds 1299‑M
Remedies of noteholders and bondholders 1299‑N
Notes and bonds as legal investment 1299‑O
Exemption from taxation 1299‑P
Actions against the authority 1299‑Q
Station operation and maintenance 1299‑R
Agreements relating to payments in lieu of taxes 1299‑S
Five-year capital and operating plans 1299‑T
Contracts 1299‑U
Title not affected if in part unconstitutional or ineffective

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N.Y. Public Authorities Law Section 1299-O Exemption from taxation

N.Y. Public Authorities Law Section 1299-O
Exemption from taxation