N.Y. Real Property Tax Law § 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.