New York Laws
Title 2-A - Railroad Real Property of Intrastate Railroad Companies
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.