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NY A01520
Bill
Status
1/10/2025
Primary Sponsor
David Weprin
Click for details
AI Summary
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Ends the real property tax exemption for venues in cities with 1 million+ population that host both an NHL hockey team and an NBA basketball team for home games, effective with the 2026 assessment roll
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Declares void any lease provisions that shift tax obligations from property owners to sports franchises, teams, or other entities
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Directs all property tax revenue and penalties collected from these properties by the NYC Department of Finance to be remitted semiannually to the Metropolitan Transportation Authority (MTA)
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MTA funds would be deposited into the Metropolitan Transportation Authority finance fund established under public authorities law
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The original 1982 exemption required teams to commit to playing home games in the municipality for at least 10 consecutive years to qualify
Legislative Description
Discontinues the real property tax exemption for certain real property that is used for home games for certain professional sports teams in New York city beginning with the 2026 assessment roll.
Last Action
referred to real property taxation
1/7/2026