Full Text of HB2578 101st General Assembly
HB2578enr 101ST GENERAL ASSEMBLY |
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| 1 | | AN ACT concerning revenue.
| 2 | | Be it enacted by the People of the State of Illinois,
| 3 | | represented in the General Assembly:
| 4 | | Section 5. The Property Tax Code is amended by changing | 5 | | Sections 11-80.1, 11-85, and 11-90 as follows: | 6 | | (35 ILCS 200/11-80.1) | 7 | | Sec. 11-80.1. High-speed passenger rail project. Due to the | 8 | | importance of developing high-speed or faster rail service, the | 9 | | General Assembly finds that it should encourage freight | 10 | | railroad owners to participate in State and federal government | 11 | | programs, including cooperative agreements designed to | 12 | | increase the speed of passenger rail service, that | 13 | | participation in those programs should not result in increased | 14 | | property taxes, and that such an increase in property taxes | 15 | | could negatively impact the participation in those programs. | 16 | | Therefore, the Department shall take into consideration any | 17 | | potential increase in a property's overall valuation that is | 18 | | directly attributable to the investment, improvement, | 19 | | replacement, or expansion of railroad operating property on or | 20 | | after January 1, 2010, through State or federal government | 21 | | programs, including cooperative agreements, necessary for | 22 | | higher speed passenger rail transportation. Any such increase | 23 | | in the property's overall valuation that is directly |
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| 1 | | attributable to the investment, improvement, replacement, or | 2 | | expansion of railroad operating property on or after January 1, | 3 | | 2010, through State or federal government programs necessary | 4 | | for higher speed passenger rail transportation, including | 5 | | cooperative agreements, shall be excluded from the valuation of | 6 | | its real property improvements under Section 11-80. This | 7 | | Section applies on and after the effective date of this | 8 | | amendatory Act of the 97th General Assembly and through | 9 | | December 31, 2029 December 31, 2019 .
| 10 | | (Source: P.A. 97-481, eff. 8-22-11.)
| 11 | | (35 ILCS 200/11-85)
| 12 | | Sec. 11-85. Property schedules. Every railroad company | 13 | | shall, on or before
June 1 of each year, when required, make | 14 | | out and file with the Department a
statement or schedule | 15 | | showing the property held for right of way, whether
owned, | 16 | | leased, or operated under trackage right agreement, and the | 17 | | length of
the first, second, third and other main and all side | 18 | | tracks and turnouts, and
the number of acres of right of way in | 19 | | each county of this State and in each
taxing district of this | 20 | | State, through or into which the road may run. It shall
| 21 | | describe all improvements and stations located on the right of | 22 | | way, giving the
quantity, quality, character and original cost | 23 | | of each. It shall also report
all non-operating personalty | 24 | | owned or controlled by the company on January 1,
giving the | 25 | | quantity, quality, character and location of the same. The |
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| 1 | | report shall also include any potential increase in the | 2 | | property's overall valuation that is directly attributable to | 3 | | the investment, improvement, replacement, or expansion of | 4 | | railroad operating property on or after January 1, 2010, | 5 | | through State or federal governmental programs, including | 6 | | cooperative agreements, necessary for higher speed passenger | 7 | | rail transportation through December 31, 2029 December 31, | 8 | | 2019 . New companies
shall make the statement on or before the | 9 | | June 1 after the location of their
road.
| 10 | | When the statement has once been made, it is not necessary | 11 | | to report the
description as required above unless directed to | 12 | | do so by the Department, but
the company shall, on or before | 13 | | June 1, annually, report all additions or
changes in its | 14 | | property in this State as have occurred.
| 15 | | The return required by this Section should be made by the | 16 | | using company, but
all property which is operated under one | 17 | | control shall be returned as provided
in this Section.
| 18 | | (Source: P.A. 97-481, eff. 8-22-11.)
| 19 | | (35 ILCS 200/11-90)
| 20 | | Sec. 11-90. Information schedules. Each year every | 21 | | railroad company in this
State shall return to the Department, | 22 | | in addition to any other information
required by this Code, | 23 | | sworn statements or schedules as follows:
| 24 | | (a) The amount of capital stock authorized and the | 25 | | total number of
shares of capital stock.
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| 1 | | (b) The amount of capital stock issued and outstanding.
| 2 | | (c) The market value, or if no market value then the | 3 | | estimated
value, of the shares of stock outstanding.
| 4 | | (d) The total amount of all bonds outstanding and all | 5 | | other
indebtedness.
| 6 | | (e) The market value, or if no market value then the | 7 | | estimated
value, of all bonds outstanding and all other | 8 | | indebtedness.
| 9 | | (f) A statement in detail of the entire gross receipts | 10 | | and net
earnings of the company during the 5 calendar years | 11 | | preceding the
assessment date within this State, and of the | 12 | | entire system from all
sources.
| 13 | | (g) The length of the first, second, third and other | 14 | | main tracks and
all side tracks and turnouts showing the | 15 | | proportions within this State and
elsewhere.
| 16 | | (h) The reproduction cost of the property within | 17 | | Illinois and the
total reproduction cost of all property of | 18 | | the company. The
reproduction cost, so far as applicable, | 19 | | shall be as last determined by
the United States Interstate | 20 | | Commerce Commission, or other competent
authority, plus | 21 | | additions and betterments, less retirements and
| 22 | | depreciation to the December 31 preceding the assessment | 23 | | date.
| 24 | | (i) An enumeration and classification of all rolling | 25 | | stock and
car equipment owned or leased by the company. The | 26 | | classification shall show
type of equipment and |
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| 1 | | circumstances of ownership and use. The enumeration
shall | 2 | | include rolling stock used over the track of other | 3 | | companies under any
trackage right agreement. All other | 4 | | property used in connection with a trackage
right agreement | 5 | | shall be listed.
| 6 | | (j) Any other information the Department may require to | 7 | | determine the
fair cash value of the property of any | 8 | | railroad company, or necessary to carry
out the provisions | 9 | | of this Code, including information pertaining to any | 10 | | potential increases in the property's overall valuation | 11 | | that is directly attributable to the investment, | 12 | | improvement, replacement, or expansion of railroad | 13 | | operating property on or after January 1, 2010, through | 14 | | State or federal governmental programs, including | 15 | | cooperative agreements, necessary for higher speed | 16 | | passenger rail transportation through December 31, 2029 | 17 | | December 31, 2019 .
| 18 | | Such statements or schedules shall conform to the | 19 | | instructions and forms
prescribed by the Department.
| 20 | | In cases where a railroad company uses property owned by | 21 | | another, the return
shall be made by the using company and all | 22 | | property operated under one control
shall be returned as | 23 | | provided above.
| 24 | | (Source: P.A. 97-481, eff. 8-22-11.)
| 25 | | Section 99. Effective date. This Act takes effect upon | 26 | | becoming law.
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