N.Y. Racing, Pari-Mutuel Wagering and Breeding Law § 617: Exemption from taxation

§ 617. Exemption from taxation. 1. The moneys and property of the

corporation and any property under its jurisdiction, control or

supervision, and all of its activities and operations shall be exempt

from taxation.

2. The state covenants with the purchasers of and with all subsequent

holders and transferees of bonds and notes issued by the corporation

pursuant to this article, in consideration of the acceptance of and

payment for the said bonds and notes, that the said bonds and notes and

the income therefrom, and all moneys, funds and revenue pledged to pay

or secure the payment of such bonds and notes shall at all time be free

from taxation, except for estate and gift taxes and taxes on transfers.