N.Y. Comp. Codes R. & Regs. tit. 20 § 528.25
Current through Register Vol. 46, No. 25, June 18, 2024
Tax Law, § 1115(h)
Sales of tangible personal property by a railroad in reorganization to a profitable railroad as part of a plan of reorganization and restructuring under the Regional Rail Reorganization Act of 1973, chapter 16, title 45 of U.S.C., shall be exempt from the sales and compensating use tax.
The term profitable railroad means any railroad which is not a railroad in reorganization. This term does not include the Consolidated Rail Corporation, the National Railroad Passenger Corporation, or a railroad leased, operated or controlled by a railroad in reorganization in the region.
N.Y. Comp. Codes R. & Regs. Tit. 20 § 528.25