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Public Act 101-0186
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| HB2578 Enrolled | LRB101 08776 HLH 53863 b |
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AN ACT concerning revenue.
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Be it enacted by the People of the State of Illinois,
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represented in the General Assembly:
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Section 5. The Property Tax Code is amended by changing |
Sections 11-80.1, 11-85, and 11-90 as follows:
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(35 ILCS 200/11-80.1) |
Sec. 11-80.1. High-speed passenger rail project. Due to the |
importance of developing high-speed or faster rail service, the |
General Assembly finds that it should encourage freight |
railroad owners to participate in State and federal government |
programs, including cooperative agreements designed to |
increase the speed of passenger rail service, that |
participation in those programs should not result in increased |
property taxes, and that such an increase in property taxes |
could negatively impact the participation in those programs. |
Therefore, the Department shall take into consideration any |
potential increase in a property's overall valuation that is |
directly attributable to the investment, improvement, |
replacement, or expansion of railroad operating property on or |
after January 1, 2010, through State or federal government |
programs, including cooperative agreements, necessary for |
higher speed passenger rail transportation. Any such increase |
in the property's overall valuation that is directly |
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attributable to the investment, improvement, replacement, or |
expansion of railroad operating property on or after January 1, |
2010, through State or federal government programs necessary |
for higher speed passenger rail transportation, including |
cooperative agreements, shall be excluded from the valuation of |
its real property improvements under Section 11-80. This |
Section applies on and after the effective date of this |
amendatory Act of the 97th General Assembly and through |
December 31, 2029 December 31, 2019.
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(Source: P.A. 97-481, eff. 8-22-11.)
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(35 ILCS 200/11-85)
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Sec. 11-85. Property schedules. Every railroad company |
shall, on or before
June 1 of each year, when required, make |
out and file with the Department a
statement or schedule |
showing the property held for right of way, whether
owned, |
leased, or operated under trackage right agreement, and the |
length of
the first, second, third and other main and all side |
tracks and turnouts, and
the number of acres of right of way in |
each county of this State and in each
taxing district of this |
State, through or into which the road may run. It shall
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describe all improvements and stations located on the right of |
way, giving the
quantity, quality, character and original cost |
of each. It shall also report
all non-operating personalty |
owned or controlled by the company on January 1,
giving the |
quantity, quality, character and location of the same. The |
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report shall also include any potential increase in the |
property's overall valuation that is directly attributable to |
the investment, improvement, replacement, or expansion of |
railroad operating property on or after January 1, 2010, |
through State or federal governmental programs, including |
cooperative agreements, necessary for higher speed passenger |
rail transportation through December 31, 2029 December 31, |
2019. New companies
shall make the statement on or before the |
June 1 after the location of their
road.
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When the statement has once been made, it is not necessary |
to report the
description as required above unless directed to |
do so by the Department, but
the company shall, on or before |
June 1, annually, report all additions or
changes in its |
property in this State as have occurred.
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The return required by this Section should be made by the |
using company, but
all property which is operated under one |
control shall be returned as provided
in this Section.
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(Source: P.A. 97-481, eff. 8-22-11.)
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(35 ILCS 200/11-90)
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Sec. 11-90. Information schedules. Each year every |
railroad company in this
State shall return to the Department, |
in addition to any other information
required by this Code, |
sworn statements or schedules as follows:
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(a) The amount of capital stock authorized and the |
total number of
shares of capital stock.
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(b) The amount of capital stock issued and outstanding.
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(c) The market value, or if no market value then the |
estimated
value, of the shares of stock outstanding.
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(d) The total amount of all bonds outstanding and all |
other
indebtedness.
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(e) The market value, or if no market value then the |
estimated
value, of all bonds outstanding and all other |
indebtedness.
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(f) A statement in detail of the entire gross receipts |
and net
earnings of the company during the 5 calendar years |
preceding the
assessment date within this State, and of the |
entire system from all
sources.
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(g) The length of the first, second, third and other |
main tracks and
all side tracks and turnouts showing the |
proportions within this State and
elsewhere.
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(h) The reproduction cost of the property within |
Illinois and the
total reproduction cost of all property of |
the company. The
reproduction cost, so far as applicable, |
shall be as last determined by
the United States Interstate |
Commerce Commission, or other competent
authority, plus |
additions and betterments, less retirements and
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depreciation to the December 31 preceding the assessment |
date.
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(i) An enumeration and classification of all rolling |
stock and
car equipment owned or leased by the company. The |
classification shall show
type of equipment and |
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circumstances of ownership and use. The enumeration
shall |
include rolling stock used over the track of other |
companies under any
trackage right agreement. All other |
property used in connection with a trackage
right agreement |
shall be listed.
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(j) Any other information the Department may require to |
determine the
fair cash value of the property of any |
railroad company, or necessary to carry
out the provisions |
of this Code, including information pertaining to any |
potential increases in the property's overall valuation |
that is directly attributable to the investment, |
improvement, replacement, or expansion of railroad |
operating property on or after January 1, 2010, through |
State or federal governmental programs, including |
cooperative agreements, necessary for higher speed |
passenger rail transportation through December 31, 2029 |
December 31, 2019.
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Such statements or schedules shall conform to the |
instructions and forms
prescribed by the Department.
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In cases where a railroad company uses property owned by |
another, the return
shall be made by the using company and all |
property operated under one control
shall be returned as |
provided above.
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(Source: P.A. 97-481, eff. 8-22-11.)
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Section 99. Effective date. This Act takes effect upon |
becoming law.
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