Illinois General Assembly - Full Text of SB0515
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Full Text of SB0515  99th General Assembly



State of Illinois
2015 and 2016


Introduced 1/28/2015, by Sen. John J. Cullerton


35 ILCS 605/18  from Ch. 120, par. 373

    Amends the Illinois Central Railroad Tax Act. Makes a technical change in a Section imposing the tax.

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1    AN ACT concerning revenue.
2    Be it enacted by the People of the State of Illinois,
3represented in the General Assembly:
4    Section 5. The Illinois Central Railroad Tax Act is amended
5by changing Section 18 as follows:
6    (35 ILCS 605/18)  (from Ch. 120, par. 373)
7    Sec. 18. In consideration of the the grants, privileges and
8franchises herein conferred upon said company for the purposes
9aforesaid, the said company shall, on the first Mondays of
10December and June in each year, pay to the Department of
11Revenue of the State of Illinois five per centum on the gross
12or total proceeds, receipts or income derived from said road
13and branches, for the six months then next preceding. The first
14payment of such percentage on the main trunk of said road to
15commence four years from the date of said deed of trust, and on
16the branches, six years from the date aforesaid, unless said
17road and branches are sooner completed, then from the date of
18completion. And for the purpose of ascertaining the proceeds,
19receipts or income aforesaid, an accurate account shall be kept
20by said company, a copy whereof shall be furnished to the
21Governor of the State of Illinois and to the Department of
22Revenue; the truth of which account shall be verified by the
23affidavits of the treasurer and secretary of such company. And



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1for the purpose of verifying and ascertaining the accuracy of
2such account, full power is hereby vested in the Governor of
3the State of Illinois, the Director of the Department of
4Revenue, or any other person by law appointed, to examine the
5books and papers of said corporation, and to examine, under
6oath, the officers, agents and employees of said company, and
7other persons. And if any person, so examined by the Governor
8or other authority, shall knowingly and wilfully swear falsely,
9or if the other officers making such affidavits shall knowingly
10and wilfully swear falsely, every such person shall be subject
11to the pains and penalties of perjury.
12(Source: P.A. 76-117.)