N.Y. Public Authorities Law § 1500-n: Tax exemptions

§ 1500-n. Tax exemptions. 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 city and its environs,

and is a public purpose, and the authority shall be regarded as

performing a governmental function in the exercise of the powers

conferred upon it by this title and shall be required to pay no taxes or

assessments upon any of the property acquired by it or under its

jurisdiction or control or supervision or upon its activities.

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 estate or gift taxes and taxes on

transfers.