NY Arts & Cult Aff L § 20.33 (2021)
2021 New York Laws ACA - Arts and Cultural Affairs Title E - New York State Cultural Resources Act Article 20 - New York State Cultural Resources Act 20.33 - Exemption From Taxation.

§ 20.33. Exemption  from taxation. 1. It is hereby determined that the   creation of a trust pursuant to this article and the carrying out of its   corporate purposes are in all respects for the benefit of the people  of   the  state, for the improvement of their health and welfare, and for the   promotion of the economy; that said purposes are  public  purposes;  and   that  a  trust  will  perform  an  essential  governmental  function  by   exercising the powers conferred upon it by this article and  by  special   law.2.  Notwithstanding  any  other  provision  of  any  other  law to the   contrary, the income, monies, operations and properties of a trust shall   be exempt from taxation, including without limitation any and all  state   and  local  income,  franchise,  occupancy,  transfer,  recording,  real   property,  sales  and  compensating  use  taxation.   Any   combined-use   facility,  including the non-institutional portion thereof, any facility   for a not-for-profit cultural organization  and  any  public  television   facility  with  respect  to  which a trust entered an agreement prior to   January first, nineteen hundred ninety which has been developed by or on   behalf of, or pursuant to an agreement with, or in whole or in part with   the proceeds of a loan from a trust and any real property in or on which   all or any part of any such facility prior to completion is designed  to   be  and  upon completion is developed shall be exempt from real property   taxation from and after the date on which such real property  has  first   been  conveyed  to  the  trust,  or  in the case of the development of a   public television facility with respect to  which  a  trust  entered  an   agreement  prior  to  January first, nineteen hundred ninety by a public   television  station  or  a  facility  for  a   not-for-profit   cultural   organization  in  whole or in part with proceeds of a loan from a trust,   from and after the date on which  such  real  property  has  first  been   conveyed  to  such station. In the case of a combined-use facility for a   performing arts  center  with  respect  to  which  a  trust  entered  an   agreement   prior   to  January  first,  nineteen  hundred  ninety,  the   non-institutional  portion  shall  not  be  exempt  from  real  property   taxation  from and after the date a trust conveys such non-institutional   portion to any non-exempt third party.3. The state covenants with all holders and transferees of  bonds  and   notes  issued  by  a  trust,  in  consideration of the acceptance of and   payment for the bonds and notes, that the bonds and notes of the  trust,   and  the  interest  thereon and income therefrom and all its properties,   income, fees, charges, gifts,  grants,  revenues,  receipts,  and  other   monies  received  or  to  be  received,  shall at all times be free from   income and other taxation, except for estate or gift taxes on such bonds   and notes and taxes on transfers.