N.Y. PBA Law § 1207-G

§ 1207-g. Exemptions from taxation. 1. It is hereby found, determined\nand declared that 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, and the authority will be performing an essential\ngovernmental function in the exercise of the powers conferred by this\ntitle, and the state of New York covenants with the purchasers and with\nall subsequent holders and transferees of bonds and notes of the\nauthority issued pursuant to this title, in consideration of the\nacceptance of any payments for such bonds and notes, that such bonds and\nnotes of the authority issued pursuant to this title and the income\ntherefrom, and all moneys, funds, fares and other revenues pledged to\npay or secure the payment of such bonds and notes, shall at all times be\nfree from taxation except for estate taxes and taxes on transfers by or\nin contemplation of death.\n 2. Nothing herein shall be construed to repeal or supersede any tax\nexemptions heretofore or hereafter granted by general or other laws.\n