N.Y. Pub. Auth. Law § 1981

§ 1981. Exemption from taxes. 1. It is hereby determined that the\ncreation of the authority and the carrying out of its corporate purposes\nis in all respects for the benefit of the people of the state of New\nYork, the county of New York, and the city, and is a public purpose, and\nthe authority shall be regarded as performing a governmental function in\nthe exercise of the powers conferred upon it by this title and shall be\nrequired to pay no taxes upon any of the properties acquired by it or\nunder its jurisdiction or control or supervision or upon its activities.\n 2. All bonds, notes and other obligations issued pursuant to this\ntitle, together with the income therefrom, as well as the income and\nproperty of the authority, shall be exempt from taxation, except for\ntransfer and estate taxes.\n