ALBANY, N.Y. — New York Gov. George Pataki has proposed a property tax cut for railroads as part of his 30-day amendments to his fiscal 2003 budget, Crain’s New York Business reports.
Mr. Pataki says the plan, which had also been in his last two budgets, is aimed at spurring economic growth, particularly upstate.
Under the proposal, railroads would get a 45% reduction in their property taxes over seven years and a 10-year exemption on property taxes on newly constructed and renovated properties. The state would reimburse localities to help pay for the cuts.