N.Y. Real Property Tax Law § 489-a: Legislative declaration

§ 489-a. Legislative declaration. It is hereby found and declared

that continued operation of railroads in the state and improvement of

their service and facilities are essential to the commerce, defense, and

general welfare of the people of the state; that the financial condition

of railroads in the state has deteriorated in recent years to the extent

that it now constitutes a serious threat to continuation of vital

operations; that this condition is the result, among other things, of

competition from other forms of transportation, increased costs, and the

incidence of taxation; that the consequences of these developments have

been a loss of commerce, a decrease in employment, and a decrease in

service rendered by railroads; that the reversal of these trends is a

matter of public concern; that it is in the public interest to enhance

the ability of railroads to continue their operations and improve their

service under private enterprise; that the real property tax burden on

railroads in the state does not fluctuate in accordance with earnings

and generally cannot be readily passed on to users of the service

because of the industry's economic position; that substantial tax relief

will help strengthen railroads financially so that they can contribute

their share to the economic well-being of the state; and that therefore

it is the policy of the state to grant to the railroads in the state

partial tax exemption in a manner which will grant greater relief to the

railroads that need it more by giving increasingly greater exemptions as

the rate of earnings of a railroad system declines.