N.Y. Public Authorities Law § 3869: Tax exemption

§ 3869. Tax exemption. 1. It is hereby determined that the creation of

the authority and the carrying out of its corporate purposes are in all

respects for the benefit of the people of the state of New York and are

public purposes. Accordingly, the authority shall be regarded as

performing an essential governmental function in the exercise of the

powers conferred upon it by this title. 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 income

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 this 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, notes or other obligations issued pursuant to this

title, and the income therefrom shall, to the maximum extent

practicable, be exempt from taxation.