New York § 420-E - 420-EExemption from taxation
Full text of New York New York Consolidated Laws § 420-E — 420-EExemption from taxation, with citation guidance and answers to common questions.
§ 420-E. 420-EExemption from taxation
§ 420-e. Exemption from taxation. It is hereby found, determined and declared that the creation of the fund and the carrying out of its purposes is in all respects for the benefit of the people of the state of New York and for the improvement of their health, welfare and prosperity and is a public purpose, and that the fund will be performing an essential governmental function in the exercise of the powers conferred upon it by this article, and that the fund shall be required to pay no fees, taxes or assessments, whether state or local, including but not limited to fees, taxes or assessments on real estate, franchise taxes, sales taxes or other excise taxes, upon its activities as an insurer; and that all income received by the fund and that the bonds of the fund and the income therefrom shall at all times be exempt from taxation, except for gift and estate taxes and taxes on transfers. This section shall constitute a covenant and agreement with the holders of all bonds issued by the fund.
Frequently Asked Questions About New York § 420-E
What does New York Consolidated Laws § 420-E cover?
Section 420-E ("420-EExemption from taxation") is part of the New York Consolidated Laws, the codified statutory law of New York. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite New York § 420-E?
A common citation format is "New York Consolidated Laws § 420-E" (New York). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of New York law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the New York official source linked on this page or consult a licensed New York attorney.
How does New York § 420-E apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in New York can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in New York.