N.Y. Public Authorities Law Section 566
Exemptions from taxation


It is hereby found, determined and declared that the creation of the authority and the carrying out of its corporate purposes is in all respects for the benefit of the people of the state of New York, for the improvement of their health, welfare and prosperity, and, in the case of some of the said purposes, for the promotion of their traffic, and is a public purpose, and that, in the case of those purposes which consist of vehicular bridges, vehicular tunnels and approaches thereto, the project is an essential part of the public highway system, and that the authority will be performing an essential governmental function in the exercise of the powers conferred upon it by this title, and the state of New York covenants with the holders of the bonds that the authority shall be required to pay no taxes or assessments upon any of the property acquired by it or under its jurisdiction, control, possession or supervision or upon its activities in the operation and maintenance of the project or any tolls, revenues or other income received by the authority and that the bonds of the authority and the income therefrom shall at all times be exempt from taxation, except for transfer and estate taxes. This section shall constitute a covenant and agreement with the holders of all bonds issued prior to January first, nineteen hundred thirty-nine.

Source: Section 566 — Exemptions from taxation, https://www.­nysenate.­gov/legislation/laws/PBA/566 (updated Sep. 22, 2014; accessed Jun. 15, 2024).

550
Short title
551
Definitions
552
Triborough bridge and tunnel authority
552‑A
Consolidation
553
Powers of the authority
553‑A
Additional powers in relation to Brooklyn Richmond project
553‑B
Additional powers and provisions in relation to convention center
553‑C
Additional powers and provisions in relation to railroad and rapid transit projects
553‑D
Special Triborough bridge and tunnel authority special obligation bonds and notes
553‑E
Laws applicable to certain activities
553‑F
Tokens
553‑G
Fire training
553‑H
Tokens
553‑I
Marine Parkway Bridge
553‑J
Additional powers and provisions in relation to central business district tolling program
553‑K
Traffic mobility review board
554
Transfer of officers and employees
555
Selection of site
556
Acquisition of lands by the city for the project
557
Grant of land by the city to the authority
557‑A
Lands, easements and rights in land
558
Consent of state
559
Construction contracts
560
Moneys of the authority
561
Bonds of the authority
562
Redemption of bonds
563
Agreement of the state
564
State and city not liable on bonds
565
Bonds legal investments for fiduciaries
566
Exemptions from taxation
566‑A
Tax contract by the state
567
Remedies of bondholders
568
Continuity of jurisdiction
569
Protection of prior bondholders
569‑A
Actions against the authority
569‑B
Restrictions on signs and billboards
569‑C
Transfer and receipt of surplus funds
569‑D
Protection of bondholders
570
Title not affected if in part unconstitutional or ineffective
571
Inconsistent provisions in other acts superseded

Accessed:
Jun. 15, 2024

Last modified:
Sep. 22, 2014

§ 566’s source at nysenate​.gov

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