NEW YORK (AP) - The New York City Council is advocating that Madison Square Garden be stripped of its tax exemption.
The Manhattan arena is home to the New York Knicks and New York Rangers.
It is spared $17.3 million annually in property taxes.
That’s thanks to an exemption approved in 1982. In total, the exemption has saved the arena’s owners more than $300 million.
The arena just underwent a self-funded $1 billion renovation. Council members believe it can afford to pay more in taxes.
The council adopted a resolution Wednesday asking the state Legislature to revoke the arena’s exemption.
The arena’s owners have argued that the tax exemption is similar to subsidies offered to other sports facilities, like the homes of the New York Yankees and Mets.
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