N.Y. Tax Law § 3: Exemption from certain taxes granted to certain corporations engaged in the operation of vessels in foreign commerce

§ 3. Exemption from certain taxes granted to certain corporations

engaged in the operation of vessels in foreign commerce. All

corporations incorporated under the laws of the state of New York,

exclusively engaged in the operation of vessels in foreign commerce, are

exempted from all taxation in this state, for state and local purposes,

upon their capital stock, franchises and earnings.