§ 13. (a) Exemption from taxation for victims or targets of Nazi
persecution. Notwithstanding any provision of law to the contrary,
amounts received (including accumulated interest) by victims or targets
of Nazi persecution from an eligible settlement fund, or from an
eligible grantor trust established for the benefit of such victims or
targets as set forth in this section, whether or not includable in
income for federal income tax purposes, shall be exempt from all state
and local taxes imposed on or measured by income. Provided however, that
this exemption shall not apply to amounts received from assets acquired
with such assets or with the proceeds from the sale of such assets. For
the purposes of this section, "victims or targets of Nazi persecution"
means any individual, corporation, partnership, sole proprietorship,
unincorporated association, community, congregation, group,
organization, or other entity persecuted or targeted for persecution by
the Nazi Regime because of race, religion, ethnicity, sexual
orientation, national origin, or physical or mental disability or
handicap, or the heirs, successors, administrators, executors,
affiliates, or assignees of such victims or targets, or any other
claimant receiving funds from an eligible settlement fund, or from an
eligible grantor trust established for the benefit of such victims or
targets. An eligible settlement fund is an entity that is treated for
federal income tax purposes as a designated or qualified settlement
fund, as such term is defined in section 468B of the internal revenue
code and the regulations thereunder, which is established for the
principal purpose of resolving and satisfying claims arising from or in
connection with any act or omission in any way relating to the
Holocaust, World War II and its prelude and aftermath, victims or
targets of Nazi persecution, transactions with or actions of the Nazi
Regime, or treatment of refugees fleeing Nazi persecution by or in the
Swiss Confederation. An eligible grantor trust is a grantor trust which
is established for the principal purpose of resolving and satisfying
such claims.

(b) Exemption from taxation for qualified settlement funds established
for the benefit of victims or targets of Nazi persecution by or in the
Swiss Confederation. Notwithstanding any other provision of law to the
contrary, an entity that is treated for federal income tax purposes as a
designated or qualified settlement fund, as such term is defined in
section 468B of the internal revenue code and the regulations
thereunder, or a grantor trust, either of which is established for the
principal purpose of resolving and satisfying claims arising from or in
connection with any act or omission in any way relating to the
Holocaust, World War II and its prelude and aftermath, victims or
targets of Nazi persecution, transactions with or actions of the Nazi
Regime, treatment of refugees fleeing Nazi persecution, by or in the
Swiss Confederation, shall be exempt from all taxes imposed on or
measured by income, the commercial rent tax imposed by the city of New
York and all sales and use taxes whether imposed by the State or any
local jurisdiction or municipality.