State Codes and Statutes

Statutes > New-york > Pml > Article-5 > 513

§  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.

State Codes and Statutes

Statutes > New-york > Pml > Article-5 > 513

§  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.

State Codes and Statutes

State Codes and Statutes

Statutes > New-york > Pml > Article-5 > 513

§  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.