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.

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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.

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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…

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