NY Giants Sued for Back Taxes

The football Giants of New York may soon cost New Jersey taxpayers quite a bit of money.

The Business Insider and NorthJersey.com websites are reporting that the Giants may soon owe more than $2.5 million in back taxes due to buildings found at the Meadowlands Complex. According to the two stories, the team will, based upon a pending court ruling, have to pay taxes for several buildings found on the Meadowlands complex, such as the team's practice/training facility. This is because those buildings are privately owned. New Meadowlands Stadium and the IZOD Center are on land owned by the state of New Jersey.

Here's where things get a little confusing. While it's the Giants team ownership that would technically owe the tax money, the team has a lease agreement with the state of New Jersey. According to this agreement, New Jersey taxpayers, not Giants ownership, will end up paying out of pocket. A hearing on this case is expected to take place in March.

I'm not going to pretend to be a tax expert here but it seems that, if a judge does end up ruling in favor of East Rutherford in this manner, neither the Giants nor the New York Jets will be paying any taxes. This is somewhat unsettling news for a New Jersey resident such as myself. With a league lockout looming, neither the Jets nor Giants need any bad press right now.