(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.
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