Section 302. Exemption from taxation.
The effectuation of the authorized purposes of the authority shall and will be in all respects for the benefit of the people of this Commonwealth, for the increase of their commerce and prosperity and for the improvements of their health, safety, welfare and living conditions; and, since the authority will, as a public instrumentality of the Commonwealth, be performing essential governmental functions in effectuating such purposes, the authority shall not be required to pay any taxes or assessments upon any property acquired or used or permitted to be used by the authority for such purposes; and the bonds issued by the authority, their transfer and the income therefrom, including any profits made on the sale thereof, shall, at all times, be free from State and local taxation within this Commonwealth. This exemption shall not extend to gift, estate, succession or inheritance taxes or any other taxes not levied directly on the bonds, the transfer thereof, the income therefrom or the realization of profits on the sale thereof.