State lawmakers are considering a measure that would put an end to Madison Square Garden’s 40-year-old property tax exemption.

The expected tax revenue would then go towards funding the MTA.

The budget proposals released Tuesday by the state Senate and Assembly also pushed back on the MTA fare hikes.

Sen. Brad Hoylman-Sigal, who represents parts of the west side of Manhattan, joined Errol Louis on “Inside City Hall” Wednesday to discuss the tax revenue proposal and the menthol cigarette ban.

He said the MTA is in need of funding so they don’t have to raise fares on riders.

Hoylman-Sigal said that middle class New Yorkers and businesses are paying a lot of tax revenues. However, he mentioned that MSG paid any since 1982.

“We should fix that so that money can be put into the MTA so that riders don’t have to face fare hikes,” he said, adding that hopefully this can help out Gov. Kathy Hochul’s Penn Station vision.

Hoylman-Sigal said that MSG is also benefiting from infrastructure.

“I think it’s time that they pay property taxes, they haven’t done so in 40 years,” he said. “Let them pony up just like the rest of us and make certain that our economy is literally back on track.”

When it comes to Hochul’s menthol and flavored cigarette ban, Hoylman-Sigal supports it.

“We can save public health dollars, but most importantly, we can reduce suffering. And that, I think, is one of the major charges we have as public officials,” he said.