N.Y. Rapid Transit Law § 103: Exemption from taxation

§ 103. Exemption from taxation. The bonds and securities issued by

the city and the income or profits therefrom, the railroads and property

owned by the city and the gross receipts or income derived from such

railroads and property or from the operation thereof, and the

transportation or right to or privilege of transportation of persons or

property upon any such railroads, shall at all times be free from

taxation or assessment by the state or by any subdivision thereof.