(35 ILCS 605/22) (from Ch. 120, par. 374)
Sec. 22.
The lands selected under the act of congress entitled "An Act
granting the right of way, and making a grant of land to the states of
Illinois, Mississippi and Alabama, in aid of the construction of a railroad
from Chicago to Mobile", passed September 20, 1850, and authorized by this
Act to be conveyed shall be exempt from all taxation under the laws of this
state, until sold and conveyed by the Illinois Central Railroad Company or
the trustees designated in this Act. The stock, property and assets
belonging to the company shall be listed by the president, secretary or
other officer, with the Department of Revenue, and an annual tax for state
purposes shall be assessed, upon all the property and assets of every name,
kind and description belonging to that company. Whenever the taxes levied
for state purposes shall exceed 3/4 of 1% per year, such excess shall be
deducted from the gross proceeds or income required to be paid by the
company to the state, and the company is hereby exempted from all taxation
of every kind, except as herein provided for. The revenue arising from such
taxation, and the 5% of gross or total proceeds, receipts or income
aforesaid, shall be paid to the Department of Revenue and covered into the
general revenue fund in the state treasury and applied to the payment of
interest-paying state indebtedness until the extinction thereof. In case
the 5% provided to be paid into the state treasury and the state taxes to
be paid by the corporation do not amount to 7% of the gross or total
proceeds, receipts or income, however, then the company shall pay the
difference, so as to make the whole amount paid equal, at least, to 7% of
the gross receipts of the company.
(Source: P.A. 76-117.)
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