2006 New York Code - Tax Exemption.

 
    § 3869. Tax exemption. 1. It is hereby determined that the creation of
  the  authority and the carrying out of its corporate purposes are in all
  respects for the benefit of the people of the state of New York and  are
  public  purposes.  Accordingly,  the  authority  shall  be  regarded  as
  performing an essential governmental function in  the  exercise  of  the
  powers  conferred  upon  it  by  this  title. The authority shall not be
  required  to  pay  any  fees,  taxes,  special  ad  valorem  levies   or
  assessments  of  any  kind,  whether  state or local, including, but not
  limited to, fees, taxes, special ad valorem  levies  or  assessments  on
  real  property, franchise taxes, sales taxes or other taxes, upon income
  or with respect to any property owned by it or under  its  jurisdiction,
  control  or  supervision,  or  upon  the  uses  thereof, or upon or with
  respect to its activities or operations in  furtherance  of  the  powers
  conferred  upon  it by this title, or upon or with respect to any fares,
  tolls, rentals, rates, charges, fees, revenues or other income  received
  by the authority.
    2.  Any  bonds,  notes  or  other  obligations issued pursuant to this
  title,  and  the  income  therefrom  shall,  to   the   maximum   extent
  practicable, be exempt from taxation.