54:29A-74.1 - Construction; in lieu of all other taxes - New Jersey Statutes

54:29A-74.1.  Construction;  in lieu of all other taxes
    The taxes imposed by this act shall be in lieu of all other State and local  taxation of or upon franchise and property used for railroad purposes. Nothing  herein shall, however, be construed to affect any pending litigation, nor to  repeal, abate, cancel, cause to lapse or otherwise affect in any manner any  assessment or the lien or obligation to pay any taxes heretofore assessed to  any taxpayer, or the local authority to collect taxes, interest and penalties  which have heretofore accrued under the act to which this act is amendatory and  supplementary, or under any other law, or to affect the authority of the  commissioner to assess omitted property, and to apportion the tax so assessed  for any year prior to the year one thousand nine hundred and forty-eight  according to the classifications and at the rates then in effect.

     L.1948, c. 40, p. 123, s. 17.