Proposal to reduce tax on MMA event ticket sales in New York
Senate Bill S6620 is a proposal set to be reviewed by the New York Senate Budget and Revenue Committee that seeks to reduce the tax rate on ticket sales for MMA events from the existing 8.5% to a more competitive 5%, mirroring rates in neighboring states such as Connecticut and New Jersey.
Section one of the bill amends subdivision 2 of section 452 of the tax law, as it relates to changing the taxation of gross receipts from ticket sales at any mixed martial arts exhibitions such as when the UFC holds fights at Madison Square Garden.
By proposing to lower this rate, legislators aim to not only enhance the state’s appeal as a venue for high-profile MMA events but also stimulate local economies.
If approved, legislation would go into effect immediately and applies to taxes imposed on and after such effective date.
