New Jersey § 32:32-11

§ 32:32-11.

a. It is hereby found, determined and declared that the creation of the fund and the

carrying out of its corporate purposes is in all respects for the benefit of the people

of the States of New York and New Jersey and in furtherance of their welfare, and

is a public purpose, in that the fund will be performing a governmental function in

the exercise of the powers conferred upon it by this act. b. The fund shall not be subject to pay taxes or assessments, by the State of New

Jersey, the State of New York, or by any political subdivision of either of them,

on any property acquired by it or under its jurisdiction and control, or upon its

activities in the operation and maintenance of such properties or upon the use of

any moneys, revenues or other income received by it, or upon its income, or upon any

of its fees, charges, grants, gifts, appropriations, receipts or other moneys received

or to be received. c. All contributions of real and personal property made to the fund, whether by gift,

devise or bequest, shall qualify as deductions in computing the net taxable income

of the donor for the purposes of any tax on or measured by income, or estate or gift

tax, imposed by the States of New Jersey or New York or any political subdivision

thereof, to the extent that such deductions are otherwise authorized by the law imposing

such income, estate, or gift tax.