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Statutes » New York » BNK Law » Article 10-A

N.Y. BNK Law § 420-E

This is the official text of N.Y. BNK Law § 420-E, part of New York’s BNK Law — part of the compiled statutory law of New York, published by the state as "BNK Law." Browse the sections below, each linked to its official government source.

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Exemption from taxation

Official statutory text

§ 420-e. Exemption from taxation. It is hereby found, determined and\ndeclared that the creation of the fund and the carrying out of its\npurposes is in all respects for the benefit of the people of the state\nof New York and for the improvement of their health, welfare and\nprosperity and is a public purpose, and that the fund will be performing\nan essential governmental function in the exercise of the powers\nconferred upon it by this article, and that the fund shall be required\nto pay no fees, taxes or assessments, whether state or local, including\nbut not limited to fees, taxes or assessments on real estate, franchise\ntaxes, sales taxes or other excise taxes, upon its activities as an\ninsurer; and that all income received by the fund and that the bonds of\nthe fund and the income therefrom shall at all times be exempt from\ntaxation, except for gift and estate taxes and taxes on transfers. This\nsection shall constitute a covenant and agreement with the holders of\nall bonds issued by the fund.\n

Status: in_force · Read it on the official government site

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About this page: Statute text is reproduced from official government publishers via the Open US Law dataset (Vaquill AI, snapshot v2026.08, CC BY 4.0). Primary legislative text like this is public domain under the government-edicts doctrine (Georgia v. Public.Resource.Org, 2020). We link every section back to its official source so you can verify it independently.