(a) Oil and gas rights and other elements of economic units shall be
exempt from taxation if owned by a school district or board of
cooperative educational services;
(b) Oil and gas rights and other elements of economic units shall be
exempt from taxation if owned by an organization whose property is
exempt from taxation pursuant to section four hundred twenty-a of this
chapter, except that such property shall be taxable to the extent that
the oil and gas produced is sold rather than used by the owner,
regardless of the use to which the revenues are devoted;
(c) Unless a local law, ordinance or resolution has been adopted
pursuant to paragraph (a) of subdivision one of section four hundred
twenty-b of this chapter, oil and gas rights and other elements of
economic units shall be exempt from taxation if owned by an organization
whose property is exempt pursuant to such section four hundred twenty-b,
except that such property shall be taxable to the extent that the oil
and gas produced is sold rather than used by the owner, regardless of
the use to which the revenues are devoted; and
(d) Oil and gas rights and other elements of economic units shall be
exempt from taxation if the gas produced in the economic unit is
collected from a landfill or used to power farm waste energy systems or
farm waste electric generating equipment, as such term is defined in
section sixty-six-j of the public service law. Such exemption shall
apply to property on assessment rolls based on taxable status dates
occurring on or before December thirty-first, two thousand seventeen.
4. Where an oil or gas economic unit is located within more than one
assessing unit, the appropriate county director or county directors
shall certify to the assessors the percentage of capital investment in
property located within each such assessing unit. The assessor shall
apportion the assessment of economic units among school districts and
special districts based upon the percentage of capital investment
located within each such district.