ALBANY, N.Y. (CBSNewYork/AP) — New York Gov. Andrew Cuomo and Assembly Speaker Sheldon Silver (D-Manhattan) said Tuesday they will not be ending a tax break enjoyed for three decades by Madison Square Garden.

State Assemblyman David Weprin (D-Queens) and Sen. James Sanders (D-Queens) have sponsored a bill that would end the $16 million a year city tax break enjoyed by the stadium, according to a New York Daily News report.

READ MORE: New Jersey Artist Said Elatab Burns Paintings To Fight Depression, Express Grief; 'I Call Myself Tragedy Of Art'

The bill sought to end what its sponsors called “corporate welfare” paid for by taxpayers for multibillion dollar recipients.

On Tuesday, Cuomo said he sees no reason to end the tax break and has heard no good argument to eliminate it.

READ MORE: Mayor De Blasio Accuses Gov. Cuomo And MTA Of 'Fear Mongering,' Insists Subways Are Safe

Silver told the News the deal is to encourage development.

The tax break has been in place since 1982.

Do you think the tax break should end? Leave your comments below…

MORE NEWS: COVID Restrictions: New York City Restaurants Can Increase Capacity, New Jersey Raises Gathering Limits

(TM and © Copyright 2013 CBS Radio Inc. and its relevant subsidiaries. CBS RADIO and EYE Logo TM and Copyright 2013 CBS Broadcasting Inc. Used under license. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed. The Associated Press contributed to this report.)