N.Y. Arts and Cultural Affairs Law § 20.33: Exemption from taxation

§ 20.33. Exemption from taxation. 1. It is hereby determined that the

creation of a trust pursuant to this article and the carrying out of its

corporate purposes are in all respects for the benefit of the people of

the state, for the improvement of their health and welfare, and for the

promotion of the economy; that said purposes are public purposes; and

that a trust will perform an essential governmental function by

exercising the powers conferred upon it by this article and by special

law.

2. Notwithstanding any other provision of any other law to the

contrary, the income, monies, operations and properties of a trust shall

be exempt from taxation, including without limitation any and all state

and local income, franchise, occupancy, transfer, recording, real

property, sales and compensating use taxation. Any combined-use

facility, including the non-institutional portion thereof, any facility

for a not-for-profit cultural organization and any public television

facility with respect to which a trust entered an agreement prior to

January first, nineteen hundred ninety which has been developed by or on

behalf of, or pursuant to an agreement with, or in whole or in part with

the proceeds of a loan from a trust and any real property in or on which

all or any part of any such facility prior to completion is designed to

be and upon completion is developed shall be exempt from real property

taxation from and after the date on which such real property has first

been conveyed to the trust, or in the case of the development of a

public television facility with respect to which a trust entered an

agreement prior to January first, nineteen hundred ninety by a public

television station or a facility for a not-for-profit cultural

organization in whole or in part with proceeds of a loan from a trust,

from and after the date on which such real property has first been

conveyed to such station. In the case of a combined-use facility for a

performing arts center with respect to which a trust entered an

agreement prior to January first, nineteen hundred ninety, the

non-institutional portion shall not be exempt from real property

taxation from and after the date a trust conveys such non-institutional

portion to any non-exempt third party.

3. The state covenants with all holders and transferees of bonds and

notes issued by a trust, in consideration of the acceptance of and

payment for the bonds and notes, that the bonds and notes of the trust,

and the interest thereon and income therefrom and all its properties,

income, fees, charges, gifts, grants, revenues, receipts, and other

monies received or to be received, shall at all times be free from

income and other taxation, except for estate or gift taxes on such bonds

and notes and taxes on transfers.