Genting may seek tax-free bonds

Genting may seek tax-free bonds

Gov. Andrew Cuomo has said the plan he is negotiating with Genting to build a convention center at Aqueduct won't cost state taxpayers a dime, but an insider briefed on the proposal said the racino operator is asking about tax-exempt bonds to finance the project. Bondholders would not have to pay taxes on the interest they earn, which deprives the government of revenue.

Tax-free bonds have been used to finance other large projects, like Yankee Stadium, deemed to be of public benefit. The convention center would be built on state-owned land leased to Genting.



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