N.Y. Racing, Pari-Mutuel Wagering and Breeding Law § 617

§ 617. Exemption from taxation. 1. The moneys and property of the\ncorporation and any property under its jurisdiction, control or\nsupervision, and all of its activities and operations shall be exempt\nfrom taxation.\n 2. The state covenants with the purchasers of and with all subsequent\nholders and transferees of bonds and notes issued by the corporation\npursuant to this article, in consideration of the acceptance of and\npayment for the said bonds and notes, that the said bonds and notes and\nthe income therefrom, and all moneys, funds and revenue pledged to pay\nor secure the payment of such bonds and notes shall at all time be free\nfrom taxation, except for estate and gift taxes and taxes on transfers.\n