§ 17320 — Exemption from taxation

The effectuation of the authorized purposes of an authority shall be in all respects for the benefit of the residents of this Commonwealth, for the increase of commerce and prosperity and for the improvement of health and living conditions. Since an authority, as a public instrumentality of the Commonwealth, performs essential governmental functions in effectuating these purposes, the authority shall not be required to pay any taxes or assessments upon a convention center, or part of a convention center, or property acquired or used or permitted to be used by them for these purposes. The bonds issued by an authority, their transfer and the income from the bonds, including any profits made on the sale of the bonds, shall be free from State and local taxation within this Commonwealth. This exemption may not extend to gift, estate, succession or inheritance taxes or any other taxes not levied directly on the bonds, the transfer or the income from the bond, or the realization of profits on the sale of the bonds.