NY Real Prop Tax L § 489-FF (2021)
2021 New York Laws RPT - Real Property Tax Article 4 - Exemptions Title 2-B - Railroad Real Property of Interstate Railroad Companies 489-FF - Average Railway Revenues and Expenses.

§  489-ff.  Average  railway  revenues  and  expenses.  1. The average railway revenues shall  be  determined  for  each  railroad  company  as follows:  (a)  Ascertain  so  far  as may be practicable the revenues which such railroad company is entitled to receive from transportation service  and from  operations  incident thereto and from rents derived from property, other than transportation equipment, used for  transportation  purposes, and either increase that amount by the net rental receivable or decrease it by the net rental payable for the possession or use of transportation equipment;  (b)  Average the revenue ascertained pursuant to paragraph (a) of this subdivision for the most recent five fiscal years ending  on  or  before the   last   day   of   December  immediately  preceding  the  tentative determination of the railroad ceiling. If a railroad company shall  have operated for less than such five years, then average the revenue for the number  of  years  of  operation  immediately  preceding  the  tentative determination of the railroad ceiling. The result shall be  the  average railway revenues.   2.  The average railway expenses shall be determined for each railroad company as follows:  (a) Ascertain so far as may be practicable the  expenses  incurred  in furnishing  transportation  service  and in operations incident thereto, including the expense of rents on and maintenance  and  depreciation  of the  property  used  in the service and taxes for old-age retirement and unemployment insurance but excluding all other taxes;  (b) Average the expenses ascertained pursuant to paragraph (a) of this subdivision for the most recent five fiscal years ending  on  or  before the   last   day   of   December  immediately  preceding  the  tentative determination of the railroad ceiling. If a railroad company shall  have operated  for  less  than such five years, then average the expenses for the number of years of operation  immediately  preceding  the  tentative determination  of  the railroad ceiling. The result shall be the average railway expenses.   3. If on the effective date of this title, the major  portion  of  the property  of  a  railroad company and the management and control of such company are located outside of the  territorial  limits  of  the  United States,  the  average  railway  revenues  and  expenses of such railroad company shall consist of the revenues  and  expenses  as  defined  above attributable to transportation operations in the United States.   4. In making determinations under this section, the commissioner shall consider  the  information  contained  in  the  income,  profit and loss statements and other financial statements of each railroad company filed with the interstate commerce  commission,  and  the  accounting  records maintained  by  such  railroad  company  in  accordance with the uniform system of accounts for railroad companies prescribed by  the  interstate commerce commission. The commissioner may consider information available from  the  commissioner  of  transportation  or  other regulatory agency having jurisdiction over the accounts of such railroad company, as  well as  information available from other sources, including reports required pursuant to section four hundred eighty-nine-nn  of  this  chapter,  and such other information as may be available to it.