2023 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.