N.Y. Pub. Auth. Law § 1493-n

§ 1493-n. Tax exemptions. 1. It is hereby determined that the creation\nof the authority and the carrying out of its corporate purposes is in\nall respects for the benefit of the people of the city of Albany and its\nenvirons, and is a public purpose, and the authority shall be regarded\nas performing a governmental function in the exercise of the powers\nconferred upon it by this title and shall be required to pay no taxes or\nassessments upon any of the property acquired by it or under its\njurisdiction or control or supervision or upon its activities.\n 2. Any bonds or notes issued pursuant to this title, together with the\nincome therefrom, as well as the property of the authority, shall be\nexempt from taxation, except for estate or gift taxes and taxes on\ntransfers.\n