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| Public Act 101-0186 | ||||
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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: | ||||
(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 | ||||
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 | ||
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 | ||
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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