N.Y. Pub. Auth. Law § 1191

§ 1191. Exemptions from taxation. 1. It is hereby found and declared\nthat the creation of the authority and the carrying out of its corporate\npurposes is in all respects for the benefit of the people of the state\nof New York, for the improvement of their health and welfare, and is a\npublic purpose, and the authority shall be regarded as performing a\ngovernmental function in the exercise of the powers conferred upon it by\nthis title, and shall be required to pay no taxes or assessments upon\nany of the property acquired by it or under its jurisdiction, control,\npossession or supervision or upon its activities in the operation and\nmaintenance of its facilities.\n 2. The bonds together with the income therefrom shall, at all times,\nbe exempt from taxation, except for transfer and estate taxes.\n