N.Y. PVH Law § 663

§ 663. Exemption from taxation. 1. The property of the corporation and\nits income and operations shall be exempt from taxation.\n 2. It is hereby determined that the creation of the corporation is in\nall respects for the benefit of the people of the state and for the\nimprovement of their health, safety, welfare, comfort and security, and\nthat said purposes are public purposes and that the corporation will be\nperforming an essential governmental function in the exercise of the\npowers conferred upon it by this article. The state covenants with the\npurchasers and all subsequent holders and transferees of notes and bonds\nissued by the corporation, in consideration of the acceptance of and\npayment for the notes and bonds, that the notes and bonds of the\ncorporation issued pursuant to this article and the income therefrom and\nall its fees, charges, gifts, grants, revenues, receipts, and other\nmoneys received or to be received, pledged to pay or secure the payment\nof such notes or bonds shall at all times be free from taxation, except\nfor estate and gift taxes and taxes on transfers. The corporation is\nauthorized to include this covenant of the state in any agreement with\nthe holders of such notes or bonds.\n