New York Laws
Title 2-A - Railroad Real Property of Intrastate Railroad Companies
489-H - Average Railway Earnings.

(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.