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Rail News: Financials

Ohio tax law not a liability to NS' quarterly net income

A recently enacted Ohio tax law will have an impact on Norfolk Southern Corp.’s second-quarter net income — a positive impact. Today, NS announced legislation signed by Ohio Gov. Bob Taft on June 30 will increase quarterly non-cash net income about $95 million.

The law replaces the state’s corporate franchise tax that was based on federal taxable income with a commercial activity tax based on current year sales and rentals. As a result, NS will owe less deferred income taxes for the quarter.

The railroad will conduct its second-quarter analyst meeting July 27 in New York City.

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More News from 7/6/2005