2006 New York Code - Tax Exemptions.

 
    §  874.  Tax exemptions. (1) It is hereby determined that the creation
  of the agency and the carrying out of its corporate purposes is  in  all
  respects for the benefit of the people of the state of New York and is a
  public  purpose,  and  the  agency  shall  be  regarded  as performing a
  governmental function in the exercise of the powers conferred upon it by
  this title and shall be required to pay no taxes or assessments upon any
  of the property acquired by it or under its jurisdiction or  control  or
  supervision or upon its activities.
    (2)  Any  bonds  or notes issued pursuant to this title, together with
  the income therefrom, as well as the property of the  agency,  shall  be
  exempt from taxation, except for transfer and estate taxes.
    (3) Payments in lieu of taxes received by the agency shall be remitted
  to each affected tax jurisdiction within thirty days of receipt.
    (4)  (a)  The  agency  shall establish a uniform tax exemption policy,
  with input from affected tax jurisdictions, which shall be applicable to
  the provision of financial assistance pursuant to section eight  hundred
  fifty-nine-a  of  this  chapter  and  shall  provide  guidelines for the
  claiming of real property, mortgage recording, and sales tax exemptions.
  Such guidelines  shall  include,  but  not  be  limited  to:  period  of
  exemption;   percentage  of  exemption;  types  of  projects  for  which
  exemptions can be claimed; procedures for payments in lieu of taxes  and
  instances  in  which  real  property appraisals are to be performed as a
  part of an application for tax exemption; in addition, agencies shall in
  adopting such policy consider such issues as:  the  extent  to  which  a
  project  will  create  or  retain  permanent,  private  sector jobs; the
  estimated value of any tax exemptions to be provided;  whether  affected
  tax  jurisdictions  shall  be  reimbursed  by  the project occupant if a
  project does not  fulfill  the  purposes  for  which  an  exemption  was
  provided;  the  impact  of  a  proposed project on existing and proposed
  businesses and economic development projects in the vicinity; the amount
  of private sector investment generated or likely to be generated by  the
  proposed  project;  the  demonstrated  public  support  for the proposed
  project; the likelihood of  accomplishing  the  proposed  project  in  a
  timely fashion; the effect of the proposed project upon the environment;
  the  extent  to which the proposed project will require the provision of
  additional  services,  including,  but   not   limited   to   additional
  educational, transportation, police, emergency medical or fire services;
  and  the  extent  to  which the proposed project will provide additional
  sources of revenue for municipalities and school districts.
    * (b) The uniform tax exemption policy established  pursuant  to  this
  section shall be reviewed and readopted by the agency on or before April
  first,  nineteen  hundred ninety-nine following a public hearing. Notice
  of this hearing shall be given to the chief executive  officer  of  each
  affected tax jurisdictions at least sixty days before the hearing. Prior
  to   the   hearing   the   agency  shall  review,  and  respond  to  any
  correspondence received from any affected tax jurisdiction.  The  agency
  shall  allow  any  representative  of  an  affected  tax jurisdiction to
  address the agency at the hearing. The agency shall develop and submit a
  report to the affected tax jurisdictions sixty days prior to the hearing
  which details the projects which the agency has assisted in the previous
  five years and  shall  include  information  specific  to  each  project
  including  the  period  of exemption; the type of project; the estimated
  percentage of exemption by  year;  the  estimated  value  of  any  other
  assistance  provided  by the agency; whether commitments for payments in
  lieu of taxes were made and met, the estimated value of such payments by
  year and affected tax jurisdiction;  the  estimated  amount  of  private
  sector  investment generated by the project; and the extent to which the
  project created or retained permanent, private sector jobs.
    * NB Effective until July 1, 2006
    * (b)  The  agency  shall establish a procedure for deviation from the
  uniform tax exemption policy required pursuant to this subdivision.  The
  agency  shall  set  forth in writing the reasons for deviation from such
  policy, and shall further notify the affected local taxing jurisdictions
  of the proposed deviation from such policy and the reasons therefor.
    * NB Effective July 1, 2006
    * (c) The agency shall establish a procedure for  deviation  from  the
  uniform  tax exemption policy required pursuant to this subdivision. The
  agency shall set forth in writing the reasons for  deviation  from  such
  policy, and shall further notify the affected local taxing jurisdictions
  of the proposed deviation from such policy and the reasons therefor.
    Such  notice  to  the affected tax jurisdictions shall be given to the
  chief executive officer of  each  affected  tax  jurisdiction  at  least
  thirty days prior to the meeting of the agency at which the agency shall
  consider  whether  to  approve  such proposed deviation. Prior to taking
  final action at said meeting, the agency shall review and respond to any
  correspondence received from any  affected  tax  jurisdiction  regarding
  such proposed deviation. The agency shall allow any representative of an
  affected  tax jurisdiction present at such meeting to address the agency
  regarding such proposed deviation.
    * NB Effective until July 1, 2006
    (5) Payments in lieu of taxes which are delinquent under the agreement
  or which an agency fails to remit pursuant to subdivision three of  this
  section,  shall  be subject to a late payment penalty of five percent of
  the amount due which shall be paid by the project occupant (where  taxes
  are  delinquent  because  of the occupant's failure to make the required
  payment) or the  agency  (because  of  the  agency's  failure  to  remit
  pursuant  to  subdivision  three  of  this  section) to the affected tax
  jurisdiction at the time the payment in lieu of taxes is paid. For  each
  month,  or part thereof, that the payment in lieu of taxes is delinquent
  beyond the first month, interest shall accrue to  and  be  paid  to  the
  affected  tax  jurisdiction  on the total amount due plus a late payment
  penalty in the amount of one percent per  month  until  the  payment  is
  made.
    (6)  An  affected tax jurisdiction which has not received a payment in
  lieu of taxes due to it under an agreement may commence legal action  in
  any  court  of competent jurisdiction directly against any person, firm,
  corporation, organization or agency which is obligated to make  payments
  in  lieu of taxes under an agreement and has failed to do so. In such an
  action, the affected tax jurisdiction shall be entitled to  recover  the
  amount  due,  the  late  payment  penalty, interest, expenses, costs and
  disbursements together with the reasonable attorneys' fees necessary  to
  prosecute such action. Nothing herein shall be construed as providing an
  affected  tax  jurisdiction  with  the  right to sue and recover from an
  agency which has not received payments in lieu of taxes from  a  project
  occupant.
    (7) Any refinancing of a project shall be subject to the provisions of
  section  eight  hundred  fifty-nine-a of this chapter, except where such
  refinancing was previously approved pursuant to such section.
    (8) Agents of an agency and project operators shall  annually  file  a
  statement  with  the state department of taxation and finance, on a form
  and in such a manner as is prescribed by the  commissioner  of  taxation
  and finance, of the value of all sales and use tax exemptions claimed by
  such  agents  or  agents of such agents or project operators, including,
  but not limited to, consultants or  subcontractors  of  such  agents  or
  project operators, under the authority granted pursuant to this section.
  The  penalty  for failure to file such statement shall be the removal of
  authority to act as an agent of an agency or a project operator.
    * (9)  Within  thirty  days  of  the date that the agency designates a
  project operator or other person to act  as  agent  of  the  agency  for
  purposes  of  extending a sales tax exemption to such person, the agency
  shall file a statement with  the  department  of  taxation  and  finance
  relating  thereto,  on a form and in such manner as is prescribed by the
  commissioner of taxation and finance, identifying  each  such  agent  so
  named by the agency, setting forth the taxpayer identification number of
  each such agent, giving a brief description of the goods and/or services
  intended to be exempted from sales taxes as a result of such appointment
  as  agent,  indicating  the  agency's rough estimate of the value of the
  goods and/or services  to  which  such  appointment  as  agent  relates,
  indicating  the date when such designation as agent became effective and
  indicating the date upon which such designation as agent shall cease.
    * NB Repealed July 1, 2006