2016 New York Laws
EDN - Education
Title 1 - GENERAL PROVISIONS
Article 14 - NEW YORK STATE HIGHER EDUCATION SERVICES CORPORATION
Part 1 - (651 - 660) CORPORATE STRUCTURE
657 - Tax exemption of corporation.

 657. Tax   exemption   of  corporation.  1.  The  property,  income,
  obligations and activities of the corporation shall be exempt  from  all
  taxes and assessments.
2.  The  state  of  New  York does hereby pledge to and agree with the
  holders of the bonds, notes, or other  obligations  of  the  corporation
  pursuant  to  this  article, or of the state of New York mortgage agency
  authorized in section two  thousand  four  hundred  six  of  the  public
  authorities  law  for  the  corporate purposes authorized in section two
  thousand four hundred five-a of the public authorities law,  or  of  any
  other state entity authorized to issue bonds or notes under the New York
  education  loan  program  codified  in  part  V of this article that are
  issued for such purpose, and with the holders of such  education  loans,
  that  the  provisions  of  law applicable to the New York education loan
  program variable rate default reserve fund, the New York education  loan
  program  fixed  rate  default  reserve  fund,  or  the state of New York
  mortgage agency New York education loan program default reserve fund, as
  applicable, and to the powers of the corporation to receive and  deposit
  in  each such fund the applicable amounts described therein shall not be
  amended in a manner adversely affecting the interests  of  such  holders
  without adequate provision being made to protect such interests and that
  the  corporation  shall  not be required to pay any taxes or assessments
  upon any of  its  property  or  upon  its  activities  pursuant  to  the
  provisions of this article, or upon any moneys, funds, revenues or other
  income held or received by the corporation, and that the obligations and
  notes  of the corporation and the income therefrom shall at all times be
  exempt from taxation, except for estate and  gift  taxes  and  taxes  on
  transfers.  Each  of  the  corporation,  the  state of New York mortgage
  agency and any such other public benefit corporation, is  authorized  to
  include  this  pledge  and agreement of the state in any agreements with
  the holders of such bonds and with the holders of such education loans.