2012 New York Consolidated Laws
PBA - Public Authorities
Article 5 - PUBLIC UTILITY AUTHORITIES
Title 1-B - (1021 - 1021-S) NORTH COUNTRY POWER AUTHORITY
1021-L - Exemption of the authority from taxation.

 
    §  1021-l.  Exemption  of the authority from taxation. 1. It is hereby
  found and declared that the operation of the authority is primarily  for
  the  benefit of the people of the participating municipalities, counties
  and the  state,  for  the  improvement  of  their  health,  welfare  and
  prosperity, and is a public purpose, and the authority shall be regarded
  as  performing  an  essential  governmental function in carrying out the
  provisions of this title.
    2. The authority shall be required to pay  no  taxes  nor  assessments
  upon  any  of  the  property  acquired  or  controlled by it or upon its
  activities in the operation  and  maintenance  thereof  or  upon  income
  derived  therefrom,  provided  that  nothing  herein  shall  prevent the
  authority from entering into agreements to  make  payments  in  lieu  of
  taxes.
    3.   The   authority   shall   make  payments  in  lieu  of  taxes  to
  municipalities and school districts equal to the taxes  and  assessments
  which would have been received from year to year by such jurisdiction.
    4.  The  authority shall also make payments in lieu of taxes for those
  taxes which would  otherwise  be  imposed  upon  a  utility  corporation
  pursuant to: (a) section one hundred eighty-six-a and former section one
  hundred  eighty-six  of  the  tax law as such sections were in effect on
  December thirty-first,  nineteen  hundred  ninety-nine;  (b)  any  taxes
  imposed  by  a  city within the authority's service area pursuant to the
  authorization granted by section twenty-b of the general city  law;  and
  (c)  any  taxes imposed by a village within the authority's service area
  pursuant to authorization granted by section 5-530 of the village law.
    5. Notwithstanding the exemption in subdivision two of  this  section,
  the  authority shall also be subject to the assessments imposed pursuant
  to section eighteen-a of the public service law.
    6. The securities issued by the authority, and  the  income  therefrom
  shall,  at  all times, be free from taxation, except for estate and gift
  taxes.
    7. Nothing in this  article  shall  relieve  the  authority  from  its
  obligations  to  register for sales tax purposes, collect state or local
  sales and compensating use taxes imposed by or pursuant to the authority
  of articles twenty-eight and twenty-nine of the tax law,  and  otherwise
  comply with those articles on its sale of property or services.