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