N.Y. Public Authorities Law § 1963: Tax exemptions

§ 1963. Tax exemptions. 1. It is hereby determined 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 city and its environs,

and is a public purpose, and the authority shall be regarded as

performing a governmental function in the exercise of the powers

conferred upon it by this title and shall be required to pay no taxes or

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

jurisdiction or control or supervision or upon its activities. Provided,

however, if the authority is located within a transportation district

referenced in paragraph (a) of subdivision two of section two hundred

fifty-three of the tax law, it shall not be exempt from the additional

tax on each mortgage of real property situated within the state imposed

by such paragraph.

2. Any bonds or notes issued pursuant to this title, together with the

income therefrom, as well as the property of the authority, shall be

exempt from taxation, except for transfer and estate taxes.

3. Agents of the authority and project operators shall annually file a

statement with the department of taxation and finance, on a form and in

such a manner as is prescribed by the commissioner of taxation and

finance, of the value of all sales and use tax exemptions claimed by

such agents or agents of such agents or project operators, including,

but not limited to, consultants or subcontractors of such agents or

project operators, under the authority granted pursuant to this section.

The penalty for failure to file such statement shall be the removal of

the authority to act as an agent of the authority or as a project

operator.

4. (a) Within thirty days of the date that the authority designates a

project operator or other person to act as agent of the authority for

purposes of providing financial assistance consisting of any sales and

compensating use tax exemption to such person, the agency shall file a

statement with the department of taxation and finance relating thereto,

on a form and in such manner as is prescribed by the commissioner of

taxation and finance, identifying each such agent so named by the

authority, setting forth the taxpayer identification number of each such

agent, giving a brief description of the property and/or services

intended to be exempted from such taxes as a result of such appointment

as agent, indicating the authority's rough estimate of the value of the

property and/or services to which such appointment as agent relates,

indicating the date when such designation as agent became effective and

indicating the date upon which such designation as agent shall cease.

(b) Within thirty days of the date that the authority's designation

described in paragraph (a) of this subdivision has been amended,

terminated, been revoked, or become invalid or ineffective for any

reason, the authority shall file a statement with the department of

taxation and finance relating thereto, on a form and in such manner as

is prescribed by the commissioner of taxation and finance, identifying

each such agent so named by the authority in the original designation

and setting forth the taxpayer identification number and other

identifying information of each such agent, the date as of which the

original designation was amended, terminated, revoked, or became invalid

or ineffective and the reason therefor, together with a copy of the

original designation.