A report from the city's Independent Budget Office finds that the city lost nearly $1 billion in potential tax revenue because of the state exemptions to Madison Square Garden.
Make your contribution now and help Gothamist thrive in 2023.A new report from the Independent Budget Office finds that the city lost nearly $1 billion in property tax revenue over the last 41 years because of state subsidies to Madison Square Garden.
Stefanski said it was nearly impossible to calculate the economic benefit gained from the tax deal because MSG is not required to report the number of jobs created or wages paid. “It's in a good place right now. It's easy for everybody to get to,” he said. “And honestly, we've invested billions of dollars into the building.”that would end MSG’s tax exemption. This year, Democrats in the state Senate included provisions in their version of this year’s budget to eliminate the exemption. But Gov. Kathy Hochul has so far not taken a clear position.
“It's just a crazy boondoggle,” Elizabeth Marcello, a subsidy analyst for the watchdog group Reinvent Albany, said.
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