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Full-Text Articles in Taxation-State and Local
Taxation - Public Utilities - Implied Condition In Utility Franchise Of Tax Exemption, Allen A. Rubin
Taxation - Public Utilities - Implied Condition In Utility Franchise Of Tax Exemption, Allen A. Rubin
Michigan Law Review
In 1917 the city of New York and the New York Municipal Railway Corporation, predecessor in interest of the appellant, the New York Rapid Transit Corporation, entered into a contract for the operation of part of the city's transit system. The Transit Corporation was thereby obligated to furnish its services for a five cent fare, which by city charter provision could not be changed without the approval on referendum of a majority of the qualified voters. Other relevant portions of the contract provided that the corporation should pay all taxes upon its property and taxes incurred in connection with the …