NEW YORK, NY January 07, 2008 —REPORTER: Later today, the City Council holds a hearing on a bill opposing Madison Square Garden's $11 million annual tax break.

City Council Speaker Christine Quinn says it's time to end it.

QUINN: We want to send a message loud and clear to Albany that we want this money back in our tax coffers. That we don't want the residents of our city subsidizing Madison Square Garden anymore.

REPORTER: The exemption from property taxes was given to the Garden in the 1980s, when New York was desperate to keep businesses from fleeing to the suburbs.

The City Council doesn't have the power to revoke the tax break, but a bill in the finance committee would send a home rule message to the state legislature.

A spokesman for Assembly Speaker Sheldon Silver would not comment on the likelihood of that happening.