§ 32:13A-8 — Exemption from taxation

As the construction of the tunnel is and will be in all respects for the benefit of the people of the state of New Jersey, for the increase of their commerce and prosperity and for the improvement of their health and living conditions, and as the construction and operation of the tunnel will constitute the performance of essential governmental functions, the commission or the county shall not be required to pay any taxes or assessments upon property acquired or used for such purposes, and the tunnel revenue bonds issued under the provisions of this chapter, their transfer and the income therefrom (including any profits made on the sale thereof) shall at all times be free from taxation within the state of New Jersey.