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| 1 | | AN ACT concerning revenue.
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| 2 | | Be it enacted by the People of the State of Illinois,
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| 3 | | represented in the General Assembly:
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| 4 | | Section 5. The Property Tax Code is amended by changing |
| 5 | | Sections 11-80.1, 11-85, and 11-90 as follows:
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| 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.
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| 10 | | (Source: P.A. 97-481, eff. 8-22-11.)
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| 11 | | (35 ILCS 200/11-85)
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| 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
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| 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.
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| 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.
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| 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.
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| 18 | | (Source: P.A. 97-481, eff. 8-22-11.)
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| 19 | | (35 ILCS 200/11-90)
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| 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:
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| 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.
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| 2 | | (c) The market value, or if no market value then the |
| 3 | | estimated
value, of the shares of stock outstanding.
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| 4 | | (d) The total amount of all bonds outstanding and all |
| 5 | | other
indebtedness.
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| 6 | | (e) The market value, or if no market value then the |
| 7 | | estimated
value, of all bonds outstanding and all other |
| 8 | | indebtedness.
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| 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.
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| 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.
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| 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
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| 22 | | depreciation to the December 31 preceding the assessment |
| 23 | | date.
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| 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.
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| 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.
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| 18 | | Such statements or schedules shall conform to the |
| 19 | | instructions and forms
prescribed by the Department.
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| 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.
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| 24 | | (Source: P.A. 97-481, eff. 8-22-11.)
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| 25 | | Section 99. Effective date. This Act takes effect upon |
| 26 | | becoming law.
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