Public Authorities Law § 1020-p · Title 1-A. Long Island Power Authority
Exemption from taxation
Text — Law content up to date as of October 2, 2026, as published by the New York State Senate (Open Legislation)
* § 1020-p. Exemption 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 state of New York, 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 with the governing bodies of municipalities, as provided for in section one thousand twenty-q of this title.
3. The securities and other obligations issued by the authority, their transfer and the income therefrom shall, at all times, be free from taxation by the state or any municipality, except for estate and gift taxes.
* NB There are 2 § 1020-p's
Source of truth
- Edition
- Law content up to date as of October 2, 2026, as published by the New York State Senate (Open Legislation)
- Official file
- https://legislation.nysenate.gov/pdf/laws/PBA1020-P
- Text hash
- sha256 1b85bc9302d4b7f6a4fa46cc3ec6d9f773b09e60c46b885b9df158e970627579
- Composed by
- gen_ny_statutes.py 2026-11-10: the Senate's Open Legislation law tree (GET /api/3/laws/<ID>?full=true) read in document order; the Senate's PDF of the whole law (GET /pdf/laws/<ID>?full=true), read with PDFium, prints the same words in the same order
- The Senate's note "There are 2 § 1020-p's": the Legislature enacted more than one unit under that number; each is printed.
Procedural information only. Not legal advice and not a substitute for the advice of an attorney. Confirm the current text with the official publisher before relying on it.