A state tax break for Madison Square Garden is commonly described as worth $42 million per year – but the actual cost is much higher, according to the city’s Independent Budget Office.
is commonly described as worth $42 million per year – but the actual cost is much higher, according to the city’s Independent Budget Office. states the $42 million figure stems from a “conservative” undervaluation of the World’s Most Famous Arena — and bureaucrats do not currently need to figure out its true worth, since venue owner Madison Square Garden Entertainment pays zero taxes in pricy Midtown.
The assessment will likely provide more fuel for Albany Democrats looking to scrap the giveaway, first approved in 1982, in the state budget due April 1. All three outer-borough venues also sit on tax-exempt public land, but they are on the hook for so-called “Payments in Lieu of Taxes” – totaling $84 million, $44 million, and $39 million this year, respectively – to service debts on tax-exempt bonds used to finance their constructions.
A MSG Entertainment spokesperson told The Post Wednesday that the analysis “clearly illustrates what we’ve said all along – all of New York City’s major sports venues benefit from public subsidies, and as the analysis clearly indicates, MSG’s is one of the smallest.”
Indonesia Berita Terbaru, Indonesia Berita utama
Similar News:Anda juga dapat membaca berita serupa dengan ini yang kami kumpulkan dari sumber berita lain.
Appeals court: Madison Square Garden can ban lawyers suing them from entryA ruling in favor for CEO James Dolan and Madison Square Garden.
Baca lebih lajut »
Knicks superfan won’t be allowed into MSG for playoffs under appeals court rulingA court ruling will allow Madison Square Garden to continue using facial recognition technology to bar people from entering the venue. Larry Hutcher — a Knicks season ticketholder for 47 years — was banned after his law firm sued MSG last fall.
Baca lebih lajut »
NY lawmakers want to end MSG’s decades-long property tax exemption – it isn’t likelyNew York state legislators are closer than ever to scrapping a measure that has saved Madison Square Garden hundreds of millions of dollars in property taxes. But its success hinges on the support of Gov. Kathy Hochul.
Baca lebih lajut »
James Dolan can ban lawyers suing MSG — but may be on hook for $500 per ticketA state appellate court in Manhattan has lifted a preliminary injunction in November that had blocked Dolan’s MSG Entertainment from barring lawyers from its venues.
Baca lebih lajut »
MTA board to vote on 90-minute bench limits at Grand Central MadisonThe MTA board will vote Wednesday on a set of rules of conduct for Grand Central Madison Terminal.
Baca lebih lajut »