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NY S00957
Bill
Status
1/8/2025
Primary Sponsor
Brian Kavanagh
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AI Summary
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Ends the real property tax exemption for properties in cities with populations over one million used by both a National Hockey League team and a National Basketball Association team for home games, effective with the 2026 assessment roll
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Declares void as against public policy any lease provision that shifts tax obligations from property owners to sports franchises, teams, or other entities
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Requires all property tax revenue and penalties collected from these properties by the New York City Department of Finance to be remitted to the Metropolitan Transportation Authority on a semiannual basis
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Directs MTA payments to be deposited into the Metropolitan Transportation Authority Finance Fund established under public authorities law
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Applies specifically to Madison Square Garden, which hosts both the New York Rangers (NHL) and New York Knicks (NBA)
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 LOCAL GOVERNMENT
1/7/2026