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New York State Assembly Committee Passes Bill To Repeal MSG Tax Break

The New York Legislature “took a small step on Wednesday toward hitting” MSG Chair James Dolan in his wallet, as a committee in the state Assembly “passed a bill to revoke lucrative tax breaks for the Madison Square Garden Company by a 7-2 vote,” according to Mitch Abramson of the N.Y. DAILY NEWS. The bill is “now in the Ways and Means committee and if victorious, will go to the Assembly floor for a full vote before moving to the Senate.” The bill is “likely to have difficulty passing.” Gov. Andrew Cuomo and Assembly speaker Sheldon Silver have said that they are “opposed to repealing the tax break.” N.Y. Independent Budget Office Deputy Dir George Sweeting said that MSG will “save roughly” $54M in annual levies in the next year. Abramson notes MSG has saved $350M since the deal was “struck with the state in perpetuity” in ‘82. Queens Assembly member Dave Weprin said, "Basically the city of New York is paying Jim Dolan's salary when they're not paying their taxes.” He “pointed to the support” from N.Y. Mayor Bill de Blasio (N.Y. DAILY NEWS, 5/30).
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