Bill Text: IL HB1518 | 2011-2012 | 97th General Assembly | Enrolled

NOTE: There are more recent revisions of this legislation. Read Latest Draft

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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-Enrolled.html

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AN ACT concerning revenue.
Be it enacted by the People of the State of Illinois,
represented in the General Assembly:
Section 3. The Property Tax Code is amended by changing
Sections 11-85 and 11-90 and by adding Section 11-80.1 as
follows:
(35 ILCS 200/11-80.1 new)
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

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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, 2019.
(35 ILCS 200/11-85)
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
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

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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, 2019. New companies
shall make the statement on or before the June 1 after the
location of their road.
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.
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.
(Source: P.A. 86-905; 88-455.)
(35 ILCS 200/11-90)
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:
(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.
(c) The market value, or if no market value then the
estimated value, of the shares of stock outstanding.
(d) The total amount of all bonds outstanding and all
other indebtedness.
(e) The market value, or if no market value then the
estimated value, of all bonds outstanding and all other
indebtedness.
(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.
(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.
(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
depreciation to the December 31 preceding the assessment
date.
(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

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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.
(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, 2019.
Such statements or schedules shall conform to the
instructions and forms prescribed by the Department.
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.
(Source: P.A. 86-905; 88-455.)