432 - Railroad participation in the program. - New York Statutes

§ 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 state board of real property services 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 interstate commerce commission, 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.