N.Y. Real Property Tax Law § 489-h: Average railway earnings

§ 489-h. Average railway earnings. 1. The average railway earnings

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 rents from property constituting the railroad system included in

the system reproduction cost;

(b) Ascertain so far as may be practicable the expenses incurred in

furnishing transportation service, including expenses incurred in the

operation and maintenance of the property constituting the railroad

system included in the system reproduction cost, depreciation of such

property, rents and other expenses incurred for property used by such

railroad company for transportation purposes not included in the system

reproduction cost, and United States government taxes for old-age

retirement under the federal railroad retirement tax act and for

unemployment insurance under the federal railroad unemployment insurance

act but excluding all other taxes;

(c) Subtract the expenses from the revenues and the result shall be

the railway earnings; and

(d) Average the railway earnings for the latest five calendar years

available prior to the tentative determination of the railroad ceiling.

The result shall be the average railway earnings.

2. 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 the 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-q and such other

information on the subject as may be available to it.