2013 New York Consolidated Laws
PML - Racing, Pari-Mutuel Wagering and Breeding Law
Article 5 - (501 - 517) REGIONAL OFF-TRACK BETTING CORPORATIONS
513 - Exemption from taxation.

 
    §  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.