After the Second World War, the railroad industry's downturn and dwindling profits caused the PRR to stop subsidizing the LIRR, and the LIRR went into receivership in 1949. The State of New York, realizing how important the railroad was to Long Island's future, began to subsidize the railroad in the 1950s and 1960s. In June 1965, the state finalized an agreement to buy the LIRR from the PRR for $65 million. The LIRR was placed under the control of a new Metropolitan Commuter Transit Authority. The MCTA was rebranded the Metropolitan Transportation Authority in 1968 when it incorporated several other New York City-area transit agencies. With MTA subsidies the LIRR modernized further, continuing to be the busiest commuter railroad in the United States.