§ 1275. Exemption from taxation. It is hereby found, determined and\ndeclared that the creation of the authority and the carrying out of its\npurposes is in all respects for the benefit of the people of the state\nof New York and for the improvement of their health, welfare and\nprosperity and is a public purpose, and that the authority will be\nperforming an essential governmental function in the exercise of the\npowers conferred upon it by this title. Without limiting the generality\nof the following provisions of this section, property owned by the\nauthority, property leased by the authority and used for transportation\npurposes, and property used for transportation purposes by or for the\nbenefit of the authority exclusively pursuant to the provisions of a\njoint service arrangement or of a joint facilities agreement or trackage\nrights agreement shall all be exempt from taxation and special ad\nvalorem levies. The authority shall be required to pay no fees, taxes or\nassessments, whether state or local, including but not limited to fees,\ntaxes or assessments on real estate, franchise taxes, sales taxes or\nother excise taxes, upon any of its property, or upon the use thereof,\nor upon it activities in the operation and maintenance of its facilities\nor on any fares, tolls, rentals, rates, charges or other fees, revenues\nor other income received by the authority and the bonds of the authority\nand the income therefrom shall at all times be exempt from taxation,\nexcept for gift and estate taxes and taxes on transfers. This section\nshall constitute a covenant and agreement with the holders of all bonds\nissued by the authority. The terms "taxation" and "special ad valorem\nlevy" shall have the same meanings as defined in section one hundred two\nof the real property tax law and the term "transportation purposes"\nshall have the same meaning as used in titles two-a and two-b of article\nfour of such law.\n
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