Council could end MSG tax break

At a hearing of the City Council’s finance committee yesterday, some members questioned the need for Madison Square Garden’s $11.5 million annual tax break. “The Garden is no longer on the verge of losing money because of the inability to pay operating costs, nor is the city faced with the threat of the teams’ departure,” said Council finance committee head David Weprin, at a hearing yesterday. “This exemption is essentially, as many have called it, ‘welfare for the rich.’” The tax break was created in 1982 after the arena’s then-owners threatened to move the Knicks and Rangers to New Jersey. Garden president Barry Watkins said talks of ending the tax break are premature while, as plans are drawn for a new arena at Moynihan Station.