N.Y. RPT Law § 489-A

§ 489-a. Legislative declaration. It is hereby found and declared\nthat continued operation of railroads in the state and improvement of\ntheir service and facilities are essential to the commerce, defense, and\ngeneral welfare of the people of the state; that the financial condition\nof railroads in the state has deteriorated in recent years to the extent\nthat it now constitutes a serious threat to continuation of vital\noperations; that this condition is the result, among other things, of\ncompetition from other forms of transportation, increased costs, and the\nincidence of taxation; that the consequences of these developments have\nbeen a loss of commerce, a decrease in employment, and a decrease in\nservice rendered by railroads; that the reversal of these trends is a\nmatter of public concern; that it is in the public interest to enhance\nthe ability of railroads to continue their operations and improve their\nservice under private enterprise; that the real property tax burden on\nrailroads in the state does not fluctuate in accordance with earnings\nand generally cannot be readily passed on to users of the service\nbecause of the industry's economic position; that substantial tax relief\nwill help strengthen railroads financially so that they can contribute\ntheir share to the economic well-being of the state; and that therefore\nit is the policy of the state to grant to the railroads in the state\npartial tax exemption in a manner which will grant greater relief to the\nrailroads that need it more by giving increasingly greater exemptions as\nthe rate of earnings of a railroad system declines.\n