Bill > A01520

This bill discontinues the property tax exemption for certain professional sports venues in New York City, specifically targeting real estate used by a professional hockey team (NHL) and basketball team (NBA) for their home games. Currently, these venues receive a tax exemption if the team owners sign a 10-year agreement to play home games in the municipality. The bill will terminate this exemption starting with the 2026 assessment roll, meaning these properties will once again be subject to property taxes. Additionally, the bill includes a provision that any revenue collected from these newly taxed properties will be remitted to the Metropolitan Transportation Authority (MTA) and deposited into the MTA finance fund. The legislation also declares that any lease or agreement requiring taxes to be paid by an entity other than the property owner is void as a matter of public policy. The bill aims to end what appears to be a tax break for professional sports franchises and redirect the generated revenue to support public transportation infrastructure.

Budget and Finance

https://www.nysenate.gov/legislation/bills/2025/A1520