N.Y. Racing, Pari-Mutuel Wagering and Breeding Law § 513: Exemption from taxation

§ 513. Exemption from taxation. 1. The moneys and property of each

corporation and any property under its jurisdiction, control or

supervision, and all of its activities and operations shall be exempt

from taxation. Provided, however, no exemption is granted from the taxes

imposed under article five-a of this chapter and no exemption is granted

from real property taxation on real property not owned by such a

corporation. Where real property owned by the corporation is used

partially for the corporate purpose of the corporation and partially for

purposes unrelated to its corporate purpose, that portion used for such

unrelated purposes shall be subject to real property taxes in accordance

with the real property tax law and any other applicable provisions of

law.

2. The state covenants with the purchasers of and with all subsequent

holders and transferees of bonds and notes issued by a corporation

pursuant to sections two hundred twenty-two through seven hundred five

of this chapter, in consideration of the acceptance of and payment for

the said bonds and notes, that the said bonds and notes and the income

therefrom, and all moneys, funds and revenue pledged to pay or secure

the payment of such bonds and notes shall at all times be free from

taxation, except for estate and gift taxes and taxes on transfers.