Section 489-HH. Economic factor

(a)  In  accordance  with the policy of
  reflecting the effect of the rate of earnings of a railroad company upon
  the taxable value of its railroad property, an economic factor for  each
  railroad  company  shall be determined in relation to its ratio computed
  pursuant to section four hundred eighty-nine-gg of this title. The  said
  economic  factor  shall  be  twenty percent if the ratio is one or more,
  forty percent if the ratio is nine-tenths and one hundred percent if the
  ratio is three-fourths or  less.  The  said  economic  factor  shall  be
  determined  by  interpolation to the nearest tenth of one percent if the
  ratio  is  between  one  and  nine-tenths  or  between  nine-tenths  and
  three-fourths.
    (b) Notwithstanding the provisions of subdivision (a) of this section,
  for  purposes  of determining railroad ceilings for interstate railroads
  for assessment rolls completed in two thousand three and thereafter, the
  percentage indicated opposite the ratio in the table in this subdivision
  shall be the economic factor. If the ratio  does  not  coincide  with  a
  specific  rate  indicated in the table in this subdivision, the economic
  factor for such company shall be  determined  by  interpolation  to  the
  nearest tenth of one percent.
 
                 Ratio                    Economic Factor
                                          (Percent)
                  .60                     100
                  .65                     85
                  .70                     70
                  .75                     60
                  .80                     50
                  .85                     40
                  .90                     30
                  .95                     20
                 1.00                     15
    (c) Notwithstanding the provisions of subdivision (b) of this section,
  whenever it shall appear that an economic factor is increasing more than
  one-tenth  from  the economic factor established in the prior year, such
  increase may not exceed one-tenth.