N.Y. Railroad Law § 305: Tax exemption

§ 305. Tax exemption. A railroad redevelopment corporation, during

each year of its existence as such corporation, shall be exempt from the

payment of any and all taxes (including, without limitation, franchise,

organization, income, mortgage recording, excise, sales, and

compensating use taxes) to the state, or to any political subdivision

thereof, or to any officers of any thereof, except taxes and assessments

levied or imposed upon the real property of such corporation; and, as to

such taxes or assessments so levied or imposed, such corporation shall

be entitled to the exemption provided in section four hundred

seventy-six of the real property tax law.