§ 476-A — Railroad passenger stations

§ 476-a. Railroad passenger stations. Each railroad passenger station\nin a city having a population of more than one million, including the\nrailroad passenger terminal facilities used in connection with such\npassenger station, and the railroad roadway approaches to such station\n(including land, tracks, signals, bridges, tunnels and other roadway\nstructures and facilities) situated within five miles of the mid-point\nof such passenger station as located on March first, nineteen hundred\nsixty-five, at which not less than seventy-five percent of the passenger\ntrains using such station utilized by the railroad or railroads using\nsuch station originate and terminate at such station, shall be exempt\nfrom taxation, provided that no portion of such station, terminal\nfacilities, or approaches is regularly used in freight service. The\nexemptions provided by the preceding sentence shall not apply to any\nrailroad for which the commissioner has, pursuant to the provisions of\nsection four hundred eighty-nine-i of this chapter, determined an\nearnings ratio in excess of two and one-half percent.\n