New York Assembly Bill A01520

New York 2025-2026 Regular Session

• Introduced: 1/10/25
• Refer: 1/10/25
• Refer: 1/7/26

Caption

Discontinues the real property tax exemption for certain real property that is used for home games for certain professional sports teams in New York city beginning with the 2026 assessment roll.

Summary

This bill would end New York’s existing real property tax exemption for certain property in New York City used by a professional major league hockey team and a professional major league basketball team for their home games. It repeals the exemption in section 429 of the Real Property Tax Law effective immediately, while specifying that the change would apply beginning with the 2026 assessment roll. The bill also states that any lease or agreement shifting the burden of taxes or tax-equivalent charges away from the property owner to another party would be void as against public policy. The bill further provides that revenue and penalties collected by the New York City Department of Finance for the affected property would be remitted to the Metropolitan Transportation Authority on a semiannual basis and deposited into the MTA finance fund. In practical terms, the measure would remove the tax preference for the covered sports facility property and redirect related collections to transit funding rather than preserving the exemption for the teams or arena operators.

Impact

The bill would amend the Real Property Tax Law by repealing the major league sports property tax exemption and adding a new section declaring that exemption expired. It would affect property in a city of one million or more used by both an NHL team and an NBA team for home games, which in practice targets New York City sports venue property. The measure would also alter the treatment of related tax obligations in private agreements and redirect certain city-collected revenue and penalties to the MTA finance fund.

Sentiment

The available materials show the bill was introduced without recorded committee discussion or votes, so there is no formal legislative record of support or opposition in the provided context. Based on the bill’s structure, the measure appears fiscally motivated and aimed at ending a long-standing tax benefit for major league sports property while channeling funds to public transit. The absence of transcripts or vote history means the overall sentiment cannot be measured from committee debate, but the proposal itself suggests a reform-oriented posture toward sports-related tax exemptions.

Contention

The main point of contention is likely the elimination of a tax exemption that benefits professional sports franchise owners and related property interests, which could be opposed by team owners, arena operators, or other entities that currently rely on the exemption. Supporters would likely argue that the exemption is an unwarranted subsidy and that the resulting revenue should support the MTA. Another possible dispute is the bill’s public-policy declaration voiding contractual provisions that shift tax burdens away from owners, which could affect existing lease and financing arrangements.