2012 New York Consolidated Laws
PBA - Public Authorities
Article 5 - PUBLIC UTILITY AUTHORITIES
Title 11 - (1260 - 1279-C) METROPOLITAN COMMUTER TRANSPORTATION AUTHORITY
1275 - Exemption from taxation.

 
    §  1275.  Exemption  from taxation. It is hereby found, determined and
  declared that the creation of the authority and the carrying out of  its
  purposes  is  in all respects for the benefit of the people of the state
  of New York and  for  the  improvement  of  their  health,  welfare  and
  prosperity  and  is  a  public  purpose,  and that the authority will be
  performing an essential governmental function in  the  exercise  of  the
  powers  conferred upon it by this title. Without limiting the generality
  of the following provisions of  this  section,  property  owned  by  the
  authority,  property leased by the authority and used for transportation
  purposes, and property used for transportation purposes by  or  for  the
  benefit  of  the  authority  exclusively pursuant to the provisions of a
  joint service arrangement or of a joint facilities agreement or trackage
  rights agreement shall all  be  exempt  from  taxation  and  special  ad
  valorem levies. The authority shall be required to pay no fees, taxes or
  assessments,  whether state or local, including but not limited to fees,
  taxes or assessments on real estate, franchise  taxes,  sales  taxes  or
  other  excise  taxes, upon any of its property, or upon the use thereof,
  or upon it activities in the operation and maintenance of its facilities
  or on any fares, tolls, rentals, rates, charges or other fees,  revenues
  or other income received by the authority and the bonds of the authority
  and  the  income  therefrom  shall at all times be exempt from taxation,
  except for gift and estate taxes and taxes on transfers.   This  section
  shall  constitute a covenant and agreement with the holders of all bonds
  issued by the authority. The terms "taxation" and  "special  ad  valorem
  levy" shall have the same meanings as defined in section one hundred two
  of  the  real  property  tax  law and the term "transportation purposes"
  shall have the same meaning as used in titles two-a and two-b of article
  four of such law.