Bill Text: IL HB1518 | 2011-2012 | 97th General Assembly | Amended
NOTE: There are more recent revisions of this legislation. Read Latest Draft
Bill Title: Amends the Senior Citizens Real Estate Tax Deferral Act. Beginning in tax year 2012, increases the taxpayer's income limit from $50,000 to $55,000. Provides that "qualified property" must not be held in trust, other than an Illinois land trust with the taxpayer identified as the sole beneficiary, if the taxpayer is filing for the program for the first time effective as of the January 1, 2011 assessment year or tax year 2012 and thereafter. Effective as of the January 1, 2011 assessment year or tax year 2012 and thereafter, provides that the total amount of any deferral shall not exceed $5,000 per taxpayer in each tax year. Effective immediately.
Spectrum: Strong Partisan Bill (Democrat 11-1)
Status: (Passed) 2011-08-22 - Public Act . . . . . . . . . 97-0481 [HB1518 Detail]
Download: Illinois-2011-HB1518-Amended.html
Bill Title: Amends the Senior Citizens Real Estate Tax Deferral Act. Beginning in tax year 2012, increases the taxpayer's income limit from $50,000 to $55,000. Provides that "qualified property" must not be held in trust, other than an Illinois land trust with the taxpayer identified as the sole beneficiary, if the taxpayer is filing for the program for the first time effective as of the January 1, 2011 assessment year or tax year 2012 and thereafter. Effective as of the January 1, 2011 assessment year or tax year 2012 and thereafter, provides that the total amount of any deferral shall not exceed $5,000 per taxpayer in each tax year. Effective immediately.
Spectrum: Strong Partisan Bill (Democrat 11-1)
Status: (Passed) 2011-08-22 - Public Act . . . . . . . . . 97-0481 [HB1518 Detail]
Download: Illinois-2011-HB1518-Amended.html
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1 | AMENDMENT TO HOUSE BILL 1518
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2 | AMENDMENT NO. ______. Amend House Bill 1518 immediately | ||||||
3 | below the enacting clause, by inserting the following:
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4 | "Section 3. The Property Tax Code is amended by changing | ||||||
5 | Sections 11-85 and 11-90 and by adding Section 11-80.1 as | ||||||
6 | follows:
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7 | (35 ILCS 200/11-80.1 new) | ||||||
8 | Sec. 11-80.1. High-speed passenger rail project. Due to the | ||||||
9 | importance of developing high-speed or faster rail service, the | ||||||
10 | General Assembly finds that it should encourage freight | ||||||
11 | railroad owners to participate in State and federal government | ||||||
12 | programs, including cooperative agreements designed to | ||||||
13 | increase the speed of passenger rail service, that | ||||||
14 | participation in those programs should not result in increased | ||||||
15 | property taxes, and that such an increase in property taxes | ||||||
16 | could negatively impact the participation in those programs. |
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1 | Therefore, the Department shall take into consideration any | ||||||
2 | potential increase in a property's overall valuation that is | ||||||
3 | directly attributable to the investment, improvement, | ||||||
4 | replacement, or expansion of railroad operating property on or | ||||||
5 | after January 1, 2010, through State or federal government | ||||||
6 | programs, including cooperative agreements, necessary for | ||||||
7 | higher speed passenger rail transportation. Any such increase | ||||||
8 | in the property's overall valuation that is directly | ||||||
9 | attributable to the investment, improvement, replacement, or | ||||||
10 | expansion of railroad operating property on or after January 1, | ||||||
11 | 2010, through State or federal government programs necessary | ||||||
12 | for higher speed passenger rail transportation, including | ||||||
13 | cooperative agreements, shall be excluded from the valuation of | ||||||
14 | its real property improvements under Section 11-80. This | ||||||
15 | Section applies on and after the effective date of this | ||||||
16 | amendatory Act of the 97th General Assembly and through | ||||||
17 | December 31, 2019.
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18 | (35 ILCS 200/11-85)
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19 | Sec. 11-85. Property schedules. Every railroad company | ||||||
20 | shall, on or before
June 1 of each year, when required, make | ||||||
21 | out and file with the Department a
statement or schedule | ||||||
22 | showing the property held for right of way, whether
owned, | ||||||
23 | leased, or operated under trackage right agreement, and the | ||||||
24 | length of
the first, second, third and other main and all side | ||||||
25 | tracks and turnouts, and
the number of acres of right of way in |
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1 | each county of this State and in each
taxing district of this | ||||||
2 | State, through or into which the road may run. It shall
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3 | describe all improvements and stations located on the right of | ||||||
4 | way, giving the
quantity, quality, character and original cost | ||||||
5 | of each. It shall also report
all non-operating personalty | ||||||
6 | owned or controlled by the company on January 1,
giving the | ||||||
7 | quantity, quality, character and location of the same. The | ||||||
8 | report shall also include any potential increase in the | ||||||
9 | property's overall valuation that is directly attributable to | ||||||
10 | the investment, improvement, replacement, or expansion of | ||||||
11 | railroad operating property on or after January 1, 2010, | ||||||
12 | through State or federal governmental programs, including | ||||||
13 | cooperative agreements, necessary for higher speed passenger | ||||||
14 | rail transportation through December 31, 2019. New companies
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15 | shall make the statement on or before the June 1 after the | ||||||
16 | location of their
road.
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17 | When the statement has once been made, it is not necessary | ||||||
18 | to report the
description as required above unless directed to | ||||||
19 | do so by the Department, but
the company shall, on or before | ||||||
20 | June 1, annually, report all additions or
changes in its | ||||||
21 | property in this State as have occurred.
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22 | The return required by this Section should be made by the | ||||||
23 | using company, but
all property which is operated under one | ||||||
24 | control shall be returned as provided
in this Section.
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25 | (Source: P.A. 86-905; 88-455.)
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1 | (35 ILCS 200/11-90)
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2 | Sec. 11-90. Information schedules. Each year every | ||||||
3 | railroad company in this
State shall return to the Department, | ||||||
4 | in addition to any other information
required by this Code, | ||||||
5 | sworn statements or schedules as follows:
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6 | (a) The amount of capital stock authorized and the | ||||||
7 | total number of
shares of capital stock.
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8 | (b) The amount of capital stock issued and outstanding.
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9 | (c) The market value, or if no market value then the | ||||||
10 | estimated
value, of the shares of stock outstanding.
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11 | (d) The total amount of all bonds outstanding and all | ||||||
12 | other
indebtedness.
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13 | (e) The market value, or if no market value then the | ||||||
14 | estimated
value, of all bonds outstanding and all other | ||||||
15 | indebtedness.
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16 | (f) A statement in detail of the entire gross receipts | ||||||
17 | and net
earnings of the company during the 5 calendar years | ||||||
18 | preceding the
assessment date within this State, and of the | ||||||
19 | entire system from all
sources.
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20 | (g) The length of the first, second, third and other | ||||||
21 | main tracks and
all side tracks and turnouts showing the | ||||||
22 | proportions within this State and
elsewhere.
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23 | (h) The reproduction cost of the property within | ||||||
24 | Illinois and the
total reproduction cost of all property of | ||||||
25 | the company. The
reproduction cost, so far as applicable, | ||||||
26 | shall be as last determined by
the United States Interstate |
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1 | Commerce Commission, or other competent
authority, plus | ||||||
2 | additions and betterments, less retirements and
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3 | depreciation to the December 31 preceding the assessment | ||||||
4 | date.
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5 | (i) An enumeration and classification of all rolling | ||||||
6 | stock and
car equipment owned or leased by the company. The | ||||||
7 | classification shall show
type of equipment and | ||||||
8 | circumstances of ownership and use. The enumeration
shall | ||||||
9 | include rolling stock used over the track of other | ||||||
10 | companies under any
trackage right agreement. All other | ||||||
11 | property used in connection with a trackage
right agreement | ||||||
12 | shall be listed.
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13 | (j) Any other information the Department may require to | ||||||
14 | determine the
fair cash value of the property of any | ||||||
15 | railroad company, or necessary to carry
out the provisions | ||||||
16 | of this Code , including information pertaining to any | ||||||
17 | potential increases in the property's overall valuation | ||||||
18 | that is directly attributable to the investment, | ||||||
19 | improvement, replacement, or expansion of railroad | ||||||
20 | operating property on or after January 1, 2010, through | ||||||
21 | State or federal governmental programs, including | ||||||
22 | cooperative agreements, necessary for higher speed | ||||||
23 | passenger rail transportation through December 31, 2019 .
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24 | Such statements or schedules shall conform to the | ||||||
25 | instructions and forms
prescribed by the Department.
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26 | In cases where a railroad company uses property owned by |
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1 | another, the return
shall be made by the using company and all | ||||||
2 | property operated under one control
shall be returned as | ||||||
3 | provided above.
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4 | (Source: P.A. 86-905; 88-455 .)".
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