N.Y. Urban Development Corporation Act 174/68 § 22: Exemption from taxation

§ 22. Exemption from taxation. The exercise of the powers granted by

this act will be in all respects for the benefit of the people of this

state, for the increase of their commerce, welfare and prosperity, and

for the improvement of their health and living conditions, and will

constitute the performance of an essential governmental function and the

corporation and its subsidiaries shall not be required to pay any taxes,

other than assessments for local improvements, upon or in respect of a

project or of any property or moneys of the corporation or any of its

subsidiaries, levied by any municipality or political subdivision of the

state, nor shall the corporation or its subsidiaries be required to pay

state taxes of any kind, and the corporation, its subsidiaries,

projects, property and moneys and, except for estate and gift taxes and

taxes on transfers, any bonds or notes issued under the provisions of

this act and the income therefrom, shall at all times be free from

taxation of every kind by the state and by the municipalities and all

other political subdivisions of the state.