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| | 99TH GENERAL ASSEMBLY
State of Illinois
2015 and 2016
SB0524 Introduced 1/28/2015, by Sen. John J. Cullerton SYNOPSIS AS INTRODUCED:
| | 35 ILCS 605/18 | from Ch. 120, par. 373 |
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Amends the Illinois Central Railroad Tax Act. Makes a technical change in a Section
imposing the tax.
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| | A BILL FOR |
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| | SB0524 | | LRB099 03085 HLH 23093 b |
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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, |
| 3 | | represented in the General Assembly:
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| 4 | | Section 5. The Illinois Central Railroad Tax Act is amended |
| 5 | | by changing Section 18 as follows:
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| 6 | | (35 ILCS 605/18) (from Ch. 120, par. 373)
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| 7 | | Sec. 18.
In consideration of the
the grants, privileges and |
| 8 | | franchises herein
conferred upon said company for the purposes |
| 9 | | aforesaid, the said company
shall, on the first Mondays of |
| 10 | | December and June in each year, pay to the
Department of |
| 11 | | Revenue of the State of Illinois five per centum on the gross
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| 12 | | or total proceeds, receipts or income derived from said road |
| 13 | | and branches,
for the six months then next preceding. The first |
| 14 | | payment of such
percentage on the main trunk of said road to |
| 15 | | commence four years from the
date of said deed of trust, and on |
| 16 | | the branches, six years from the date
aforesaid, unless said |
| 17 | | road and branches are sooner completed, then from
the date of |
| 18 | | completion. And for the purpose of ascertaining the proceeds,
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| 19 | | receipts or income aforesaid, an accurate account shall be kept |
| 20 | | by said
company, a copy whereof shall be furnished to the |
| 21 | | Governor of the State of
Illinois and to the Department of |
| 22 | | Revenue; the truth of which account shall
be verified by the |
| 23 | | affidavits of the treasurer and secretary of such
company. And |