Section 489-H. Average railway earnings

1.  The average railway earnings
  shall be determined for each railroad company as follows:
    (a)  Ascertain so far as may be practicable the  revenues  which  such
  railroad  company is entitled to receive from transportation service and
  from rents from property constituting the railroad  system  included  in
  the system reproduction cost;
    (b)    Ascertain so far as may be practicable the expenses incurred in
  furnishing transportation service, including expenses  incurred  in  the
  operation  and  maintenance  of  the  property constituting the railroad
  system included in the system reproduction cost,  depreciation  of  such
  property,  rents  and  other expenses incurred for property used by such
  railroad company for transportation purposes not included in the  system
  reproduction  cost,  and  United  States  government  taxes  for old-age
  retirement under  the  federal  railroad  retirement  tax  act  and  for
  unemployment insurance under the federal railroad unemployment insurance
  act but excluding all other taxes;
    (c)    Subtract the expenses from the revenues and the result shall be
  the railway earnings; and
    (d)  Average the railway earnings for the latest five  calendar  years
  available  prior to the tentative determination of the railroad ceiling.
  The result shall be the average railway earnings.
    2.  In making determinations under this section, the state board shall
  consider the information  contained  in  the  income,  profit  and  loss
  statements  and other financial statements of the railroad company filed
  with the interstate commerce  commission,  and  the  accounting  records
  maintained  by  such  railroad  company  in  accordance with the uniform
  system of accounts for railroad companies prescribed by  the  interstate
  commerce  commission.  The board may consider information available from
  the commissioner of transportation or  other  regulatory  agency  having
  jurisdiction  over  the  accounts  of  such railroad company, as well as
  information available from other  sources,  including  reports  required
  pursuant   to   section   four  hundred  eighty-nine-q  and  such  other
  information on the subject as may be available to it.