Nevada Code § 705.425

1. A state program for the physical
preservation, in place, of property of lines of railroad, while service on such
lines is discontinued, is hereby established to provide an alternative to
actual abandonment.
2. The Department of Transportation shall
determine whether a line of railroad is eligible for admission to the program.
A rail line may be admitted if:
(a) The Surface Transportation Board has approved
the line for abandonment or discontinuance of service or the Department of
Transportation has determined that the line is potentially subject to
abandonment;
(b) The owners, operators and users of the line,
the Department of Transportation and all counties and cities affected have
agreed to the admission of the line to the program; and
(c) The owners and operators of the line agree to
suspend service on the line for 5 years without removing or disposing of any of
the trackage or other operating rail properties of the line, as an alternative to
abandonment, to permit consideration by interested parties of means of
preventing the ultimate abandonment of the line.
3. At the end of 5 years the Department of
Transportation may grant an extension, admitting the line of railroad to the
program for not more than 5 additional years, if, in the judgment of the
Director of the Department of Transportation:
(a) The line is still potentially subject to
abandonment; and
(b) The extension will facilitate the restoration
of service on the line.
4. The owner of a line of railroad which
has been admitted to the program is entitled to an allowance for taxes on the
trackage and other operating rail properties of the line admitted. The
Department of Transportation shall provide to the Department of Taxation all
information requested by the Department of Taxation to carry out the system of
allowances for taxes on the operating property of lines admitted to the
program.

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