New York Codes, Rules and Regulations
Title 20 - DEPARTMENT OF TAXATION AND FINANCE
Chapter IV - Sales And Use And Other Miscellaneous Taxes
Subchapter A - Sales And Use Taxes
Part 528 - Exemptions
Section 528.25 - Sales by a railroad in reorganization

Universal Citation: 20 NY Comp Codes Rules and Regs ยง 528.25

Current through Register Vol. 46, No. 12, March 20, 2024

Tax Law, § 1115(h)

(a) Exemption.

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.

(b) Definition.

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.

Disclaimer: These regulations may not be the most recent version. New York may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.