N.Y. Real Property Tax Law § 432: Theatrical corporations created by act of congress

§ 432. Theatrical corporations created by act of congress. 1. Real

property owned by a corporation created by an act of the congress of the

United States on a non-profit basis and without capital stock, and

organized and used exclusively for the purposes of stimulating public

interest in the drama as an art, presenting theatrical productions,

advancing interest in the drama by furthering the production of plays,

furthering the study of the drama, and sponsoring, encouraging and

developing the art and technique of the theatre through the operation of

a school and which was acquired with moneys donated to such corporation

as a result of popular or general appeal shall be exempt from taxation

and exempt from special ad valorem levies and special assessments to the

extent provided in section four hundred ninety of this article, as

provided for corporations in subdivisions one and four of section four

hundred twenty-a of this article except as hereinafter provided.

2. Such real property shall be fully exempt although (a) it or a

portion thereof is leased or otherwise used by another corporation,

organized for purposes which are exempt pursuant to section four hundred

twenty-a, four hundred twenty-b, four hundred twenty-two, four hundred

twenty-four, four hundred twenty-six, four hundred twenty-eight or four

hundred thirty of this article and for one or more of the purposes for

which the owner corporation is organized, as long as such real property

or portion thereof as the case may be is devoted to such uses and as

long as any moneys paid for such use do not exceed the amount of

carrying, maintenance and depreciation charges of the property or

portion thereof as the case may be or (b) the auditorium located thereon

is leased or otherwise used for public performances, theatrical

presentations, opera, ballet, concerts, lectures, meetings, graduation

exercises and educational non-commercial uses for the purposes of

income, if such income is necessary for and actually applied to the

maintenance and support of such owner corporation and such is not used

for the acquisition of additional real property in this state.

3. An exemption granted pursuant to this section shall not exceed one

million five hundred thousand dollars.