N.Y. Transportation Law § 432: Railroad participation in the program

§ 432. Railroad participation in the program. The level of railroad

participation in the program for the period nineteen hundred

eighty-seven through nineteen hundred ninety-one shall depend on the

estimated tax abatement as computed by the commissioner of taxation and

finance pursuant to either subdivision (c) of section four hundred

eighty-nine-j or subdivision (c) of section four hundred eighty-nine-hh

of the real property tax law. The nature of railroad participation in

the program, as set forth below, shall be based on the railroad's

economic or exemption factor under title two-A and title two-B of

article four of the real property tax law, as applicable, and the

railroad's size classification as determined by the United States

department of transportation, based on railroad system gross revenues.

Regardless of the level of their participation, all railroads shall

annually certify to the commissioner that to the best of their knowledge

and belief such railroads are in substantial compliance with the terms

and conditions of any contracts they may have with the department.

1. Class I railroads with economic factors greater than fifteen

percent and other railroads with exemption factors less than eighty-five

percent shall undertake capital improvement projects which augment the

railroad's normal capital program.

2. Class I railroads with economic factors equal to fifteen percent

shall expand their maintenance-of-way programs over and above the level

the railroad would have otherwise undertaken.

3. Other railroads with exemption factors equal to eighty-five percent

shall apply their additional tax abatement toward the continuation of

service, in a manner determined by railroad management.

4. Class I railroads over whose facilities intercity rail passenger

service is operated shall include projects which will benefit such

service and shall demonstrate a willingness to cooperate in achieving

public and private improvement initiatives.

5. Further, all railroads participating in the program are encouraged

to select projects which complement or build upon railroad projects

supported with public funds.