Laws of New York (Last Updated: November 21, 2014)

Section 103. Exemption from taxation

Latest version.

The bonds and securities issued by
  the city and the income or profits therefrom, the railroads and property
  owned by the city and the gross receipts or  income  derived  from  such
  railroads   and   property  or  from  the  operation  thereof,  and  the
  transportation or right to or privilege of transportation of persons  or
  property  upon  any  such  railroads,  shall  at  all times be free from
  taxation or assessment by the state or by any subdivision thereof.

                    
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