"I've never seen anybody have a total exemption forever. I've seen deals where, in older parts of cities where they are trying to revitalize a downtown area, there are exemptions. But gradually those exemptions disappear," says Galef. "It seems to me that (New York City) could develop a plan with Madison Square Garden to start having it pay some tax over time." Should the committee vote to pass the bill, it would have to next make its way through the state Ways and Means Committee, and ultimately Gov. Cuomo (or any future governor) would have to sign off on the bill for it to become law.