S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   1520
 
                        2025-2026 Regular Sessions
 
                           I N  A S S E M B L Y
 
                             January 10, 2025
                                ___________
 
 Introduced by M. of A. WEPRIN, SIMONE, BORES, MAMDANI, STECK, ROSENTHAL,
   SIMON,  GONZALEZ-ROJAS,  RAGA,  FORREST,  LEVENBERG  --  read once and
   referred to the Committee on Real Property Taxation
 
 AN ACT to amend the real property tax law, in relation to  discontinuing
   the  real  property  tax  exemption for certain real property used for
   professional major league sports
 
   THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section  1.  Legislative  intent. The legislature hereby declares that
 any provision in a lease, agreement  or  any  other  written  instrument
 requiring  that any taxes or their equivalent, set forth in such instru-
 ment in the form of any charges of any kind whatsoever, imposed  by  any
 taxing  authority,  shall  be  made  the  obligation of any person, sole
 proprietorship, partnership, firm, corporation, limited liability compa-
 ny, association, franchise, team, or any other entity,  other  than  the
 owner or owners of such property, shall be deemed void as against public
 policy.
   § 2. Section 429 of the real property tax law, as added by chapter 459
 of the laws of 1982, is amended to read as follows:
   §  429.  Real property used for professional major league sports. Real
 property within a city having a population of one million or more,  used
 by both a professional major league hockey team which is a member of the
 National  Hockey  League and a professional major league basketball team
 which is a member of the National Basketball Association to  play  their
 home  games  shall  be exempt from taxation to the extent said taxes are
 the obligation by lease or otherwise of the  owners  of  franchises  for
 such  teams,  provided  that  such owners enter into a written agreement
 with the chief executive officer of the municipality in which such prop-
 erty is located to play their home games within such municipality for  a
 period  of  at least ten consecutive years; PROVIDED HOWEVER, THAT IN NO
 CASE SHALL THE EXEMPTION GRANTED BY THIS SECTION APPLY TO ANY ASSESSMENT
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD02342-01-5
              

 A. 1520                             2
 
 ROLL ISSUED AFTER THE TWO THOUSAND TWENTY-FIVE ASSESSMENT ROLL. The  tax
 exemption  provided herein shall be granted to real property being used,
 in whole or in part, for the aforesaid purposes on the date such  agree-
 ment  is  executed and shall apply to taxes which become due and payable
 after the aforestated agreement is  executed  and  shall  continue  with
 respect  to  such property as long as both of said teams play their home
 games therein and no longer. Such exemption shall not apply with respect
 to any improvement to such property made after the date  such  agreement
 is  executed  which improvement is not used for the provision of facili-
 ties  or  services  related  to  sports,   entertainment,   expositions,
 conventions  or trade shows. If one or both of said teams shall cease to
 play their home games in said property at any time,  the  tax  exemption
 provided  herein  shall  cease immediately and such property shall imme-
 diately be restored to the tax rolls and  thereupon  become  subject  to
 taxation  and  shall  be taxed pro rata for the unexpired portion of the
 taxable year.
   § 3. The real property tax law is amended  by  adding  a  new  section
 429-a to read as follows:
   § 429-A. EXPIRATION OF MAJOR LEAGUE SPORTS EXEMPTION. THE REAL PROPER-
 TY  TAX EXEMPTION UNDER SECTION FOUR HUNDRED TWENTY-NINE OF THIS ARTICLE
 SHALL EXPIRE UPON THE EFFECTIVE DATE OF THIS SECTION; PROVIDED  HOWEVER,
 THAT THE REVENUE AND PENALTIES COLLECTED BY THE NEW YORK CITY DEPARTMENT
 OF  FINANCE  FOR SUCH REAL PROPERTY SHALL BE REMITTED BY THE CITY OF NEW
 YORK TO THE METROPOLITAN TRANSPORTATION AUTHORITY ON A SEMIANNUAL BASIS,
 TO BE DEPOSITED INTO THE METROPOLITAN TRANSPORTATION  AUTHORITY  FINANCE
 FUND ESTABLISHED UNDER SECTION ONE THOUSAND TWO HUNDRED SEVENTY-H OF THE
 PUBLIC AUTHORITIES LAW.
   §  4.  This  act shall take effect immediately; provided however, that
 the provisions of this act shall apply  to  assessment  rolls  beginning
 with the 2026 assessment roll.