Exempts newly manufactured railroad rolling stock from sales and compensating use taxes.

New York Assembly Bill A03520 amends the tax law to exempt newly manufactured railroad rolling stock from sales and compensating use taxes. The term "railroad rolling stock" is defined as a device used exclusively on stationary rails or tracks to transport goods, commodities, or equipment, including flat cars, box cars, gondolas, hopper cars, or other freight railroad cars. The bill specifies that the tax exemption applies to such stock sold by the manufacturer in interstate commerce.

Exempts newly manufactured railroad rolling stock from sales and compensating use taxes.

New York Assembly Bill A03520 amends the tax law to exempt newly manufactured railroad rolling stock from sales and compensating use taxes. The term "railroad rolling stock" is defined as a device used exclusively on stationary rails or tracks to transport goods, commodities, or equipment, including flat cars, box cars, gondolas, hopper cars, or other freight railroad cars. The bill specifies that the tax exemption applies to such stock sold by the manufacturer in interstate commerce.