N.Y. Pub. Auth. Law § 886

§ 886. Exemptions from taxation. 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 and it is a public purpose and the authority shall be regarded as\nperforming a governmental function in the exercise of the powers\nconferred upon it by this title and shall be required to pay no taxes\nupon any of the properties acquired by it or under its jurisdiction or\ncontrol 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\nfree from taxation, except for transfer and estate taxes.\n