2015 New York Laws
PML - Racing, Pari-Mutuel Wagering and Breeding Law
Article 6 - (Racing, Pari-Mutuel Wagering and Breeding Law) NEW YORK CITY OFF-TRACK BETTING CORPORATION
617 - Exemption from taxation.

  617.  Exemption  from  taxation.  1. The moneys and property of the
  corporation  and  any  property  under  its  jurisdiction,  control   or
  supervision,  and  all  of its activities and operations shall be exempt
  from taxation.
2. The state covenants with the purchasers of and with all  subsequent
  holders  and  transferees  of  bonds and notes issued by the corporation
  pursuant to this article, in consideration  of  the  acceptance  of  and
  payment  for the said bonds and notes, that the said bonds and notes and
  the income therefrom, and all moneys, funds and revenue pledged  to  pay
  or  secure the payment of such bonds and notes shall at all time be free
  from taxation, except for estate and gift taxes and taxes on transfers.