N.Y. PBA Law § 2444

§ 2444. Exemption from taxation of bonds, notes and tax lien\ncollateralized securities. It is hereby determined that the creation of\nthe agency is in all respects for the benefit of the people of the\nstate, for the improvement of their health and welfare, and for the\npromotion of the economy, and that said purposes are public purposes and\nthe agency will be performing an essential governmental function in the\nexercise of the powers conferred upon it by this title, and the state\ncovenants with the purchasers and all subsequent holders and transferees\nof bonds, notes, and tax lien collateralized securities issued by the\nagency and its tax lien entity, in consideration of the acceptance of\nand payment for the bonds, notes, and tax lien collateralized securities\nthat the bonds, notes and tax lien collateralized securities of the\nagency, and its tax lien entity, issued pursuant to this title and the\nincome therefrom and all its fees, charges, gifts, grants, revenues,\nreceipts, and other moneys received or to be received, pledged to pay or\nsecure the payment of such bonds, notes or tax lien collateralized\nsecurities shall at all times be free from taxation, except for estate\nor gift taxes and taxes on transfers.\n