N.Y. Arts and Cultural Affairs Law § 55.15: Creation of trust a public purpose

§ 55.15. Creation of trust a public purpose. It is hereby found,

determined and declared that the creation of the trust 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 preservation and improvement of

the natural, historic and waterfront resources constituting their

natural heritage and in furtherance of their welfare and prosperity, and

is a public purpose, in that the trust will be performing an essential

governmental function in the exercise of the powers conferred upon it by

this title and the trust shall not be required to pay taxes or

assessments upon any of the property acquired by it or under its

jurisdiction and control, or upon its activities in the operation and

maintenance of such properties or use of any moneys, revenues or other

income received by the corporation. All contributions of real or

personal property made to the trust whether by gift, devise or bequest

shall qualify as deductions in computing the net taxable income of the

donor for the purposes of any income tax imposed by the state or any

political subdivision thereof.