Bill > S00957

This bill discontinues the property tax exemption for certain professional sports venues in New York City starting with the 2026 assessment roll, specifically targeting real property used by professional major league hockey and basketball teams. The legislation declares that any lease or agreement requiring taxes to be paid by entities other than property owners is void as a matter of public policy. Currently, sports venues in cities with over one million residents (effectively New York City) can receive a tax exemption if the team owners commit to playing home games in the municipality for at least ten consecutive years. The bill eliminates this exemption after the 2025 assessment roll and stipulates that any revenue collected from these properties after the exemption's expiration must be remitted by New York City to the Metropolitan Transportation Authority (MTA) and deposited into the MTA finance fund. The bill aims to ensure that professional sports teams will no longer receive special tax treatment for their facilities, with the potential additional benefit of generating new revenue for public transportation infrastructure. The legislation takes effect immediately but will only apply to assessment rolls beginning in 2026.

Government Affairs

https://www.nysenate.gov/legislation/bills/2025/S957