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2/3/2003
Rail News: Rail Industry Trends
New York state law will lower property taxes, encourage rail investment, CSXT says
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New York recently enacted Rail Infrastructure Investment Act of 2002, which overhauls the state's method of assessing railroad property.
CSX Transportation officials believe the law will significantly lower the railroad's New York property taxes and encourage roads to invest more capital in the state.
"This action signals a renewed and vital partnership between the state and CSX that will result in increased opportunities for economic development and growth throughout the Empire State," said CSX Corp. Chairman and Chief Executive Officer Michael Ward in a prepared statement.
CSX currently is working with state officials to develop new facilities in western New York, expand capacity on a critical line along the west side of the Hudson River and open a new locomotive fueling facility in Selkirk.
CSX Transportation officials believe the law will significantly lower the railroad's New York property taxes and encourage roads to invest more capital in the state.
"This action signals a renewed and vital partnership between the state and CSX that will result in increased opportunities for economic development and growth throughout the Empire State," said CSX Corp. Chairman and Chief Executive Officer Michael Ward in a prepared statement.
CSX currently is working with state officials to develop new facilities in western New York, expand capacity on a critical line along the west side of the Hudson River and open a new locomotive fueling facility in Selkirk.
