N.Y. Public Authorities Law § 1163: Exemption from taxes

§ 1163. Exemption from taxes. 1. It is hereby determined that the

creation of the authority and the carrying out of its corporate purposes

is in all respects for the benefit of the people of the state of New

York and is a public purpose. Accordingly, the authority shall be

regarded as performing an essential governmental function in the

exercise of the powers conferred upon it by this title, and the

authority shall not be required to pay any fees, taxes, special ad

valorem levies or assessments of any kind, whether state or local,

including but not limited to fees, taxes, special ad valorem levies or

assessments on real property, franchise taxes, sales taxes or other

taxes, upon or with respect to any property owned by it or under its

jurisdiction, control or supervision, or upon the uses thereof, or upon

or with respect to its activities or operations in furtherance of the

powers conferred upon it by the title, or upon or with respect to any

fares, tolls, rentals, rates, charges, fees, revenues or other income

received by the authority.

2. Any bonds or notes issued pursuant to this title, together with the

income therefrom, as well as the property of the authority, shall be

exempt from taxation, except for transfer and estate taxes.