Full Text of HB1518 97th General Assembly
HB1518enr 97TH GENERAL ASSEMBLY |
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| 1 | | AN ACT concerning revenue.
| 2 | | Be it enacted by the People of the State of Illinois,
| 3 | | represented in the General Assembly:
| 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: | 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. | 17 | | Therefore, the Department shall take into consideration any | 18 | | potential increase in a property's overall valuation that is | 19 | | directly attributable to the investment, improvement, | 20 | | replacement, or expansion of railroad operating property on or | 21 | | after January 1, 2010, through State or federal government | 22 | | programs, including cooperative agreements, necessary for | 23 | | higher speed passenger rail transportation. Any such increase |
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| 1 | | in the property's overall valuation that is directly | 2 | | attributable to the investment, improvement, replacement, or | 3 | | expansion of railroad operating property on or after January 1, | 4 | | 2010, through State or federal government programs necessary | 5 | | for higher speed passenger rail transportation, including | 6 | | cooperative agreements, shall be excluded from the valuation of | 7 | | its real property improvements under Section 11-80. This | 8 | | Section applies on and after the effective date of this | 9 | | amendatory Act of the 97th General Assembly and through | 10 | | December 31, 2019.
| 11 | | (35 ILCS 200/11-85)
| 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
| 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, 2019. New companies
| 8 | | shall make the statement on or before the June 1 after the | 9 | | location of their
road.
| 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.
| 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.
| 18 | | (Source: P.A. 86-905; 88-455.)
| 19 | | (35 ILCS 200/11-90)
| 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:
| 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.
| 2 | | (c) The market value, or if no market value then the | 3 | | estimated
value, of the shares of stock outstanding.
| 4 | | (d) The total amount of all bonds outstanding and all | 5 | | other
indebtedness.
| 6 | | (e) The market value, or if no market value then the | 7 | | estimated
value, of all bonds outstanding and all other | 8 | | indebtedness.
| 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.
| 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.
| 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
| 22 | | depreciation to the December 31 preceding the assessment | 23 | | date.
| 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.
| 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, 2019 .
| 17 | | Such statements or schedules shall conform to the | 18 | | instructions and forms
prescribed by the Department.
| 19 | | In cases where a railroad company uses property owned by | 20 | | another, the return
shall be made by the using company and all | 21 | | property operated under one control
shall be returned as | 22 | | provided above.
| 23 | | (Source: P.A. 86-905; 88-455 .)
| 24 | | Section 5. The Senior Citizens Real Estate Tax Deferral Act | 25 | | is amended by changing Sections 2 and 3 as follows:
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| 1 | | (320 ILCS 30/2) (from Ch. 67 1/2, par. 452)
| 2 | | Sec. 2. Definitions. As used in this Act:
| 3 | | (a) "Taxpayer" means an individual whose household income | 4 | | for the year
is no greater than: (i) $40,000 through tax year | 5 | | 2005; and (ii) $50,000 for tax years year 2006 through 2011; | 6 | | and (iii) $55,000 for tax year 2012 and thereafter.
| 7 | | (b) "Tax deferred property" means the property upon which | 8 | | real
estate taxes are deferred under this Act.
| 9 | | (c) "Homestead" means the land and buildings thereon, | 10 | | including a
condominium or a dwelling unit in a multidwelling | 11 | | building that is owned and
operated as a cooperative, occupied | 12 | | by the taxpayer as his residence or which
are temporarily | 13 | | unoccupied by the taxpayer because such taxpayer is temporarily
| 14 | | residing, for not more than 1 year, in a licensed facility as | 15 | | defined in
Section 1-113 of the Nursing Home Care Act.
| 16 | | (d) "Real estate taxes" or "taxes" means the taxes on real | 17 | | property for
which the taxpayer would be liable under the | 18 | | Property Tax Code, including special service area taxes, and | 19 | | special assessments on
benefited real property for which the | 20 | | taxpayer would be liable to a unit of
local government.
| 21 | | (e) "Department" means the Department of Revenue.
| 22 | | (f) "Qualifying property" means a homestead which (a) the | 23 | | taxpayer or the
taxpayer and his spouse own in fee simple or | 24 | | are purchasing in fee simple under
a recorded instrument of | 25 | | sale, (b) is not income-producing property, (c) is not
subject |
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| 1 | | to a lien for unpaid real estate taxes when a claim under this | 2 | | Act is
filed , and (d) is not held in trust, other than an | 3 | | Illinois land trust with the taxpayer identified as the sole | 4 | | beneficiary, if the taxpayer is filing for the program for the | 5 | | first time effective as of the January 1, 2011 assessment year | 6 | | or tax year 2012 and thereafter .
| 7 | | (g) "Equity interest" means the current assessed valuation | 8 | | of the qualified
property times the fraction necessary to | 9 | | convert that figure to full market
value minus any outstanding | 10 | | debts or liens on that property. In the case of
qualifying | 11 | | property not having a separate assessed valuation, the | 12 | | appraised
value as determined by a qualified real estate | 13 | | appraiser shall be used instead
of the current assessed | 14 | | valuation.
| 15 | | (h) "Household income" has the meaning ascribed to that | 16 | | term in the Senior
Citizens and Disabled Persons Property Tax | 17 | | Relief and Pharmaceutical Assistance
Act.
| 18 | | (i) "Collector" means the county collector or, if the taxes | 19 | | to be deferred
are special assessments, an official designated | 20 | | by a unit of local government
to collect special assessments.
| 21 | | (Source: P.A. 94-794, eff. 5-22-06.)
| 22 | | (320 ILCS 30/3) (from Ch. 67 1/2, par. 453)
| 23 | | Sec. 3.
A taxpayer may, on or before March 1 of each year,
| 24 | | apply to the county collector of the county where his | 25 | | qualifying
property is located, or to the official designated |
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| 1 | | by a unit of local
government to collect special assessments on | 2 | | the qualifying property, as the
case may be, for a deferral of | 3 | | all or a part of real estate taxes payable
during that year for | 4 | | the preceding year in the case of real estate taxes
other than | 5 | | special assessments, or for a deferral of any installments | 6 | | payable
during that year in the case of special assessments, on | 7 | | all or part of his
qualifying property. The application shall | 8 | | be on a form prescribed by the
Department and furnished by the | 9 | | collector,
(a) showing that the applicant
will be 65 years of | 10 | | age or older by June 1 of the year for which a tax
deferral is | 11 | | claimed, (b) describing the property and verifying that the
| 12 | | property is qualifying property as defined in Section 2, (c) | 13 | | certifying
that the taxpayer has owned and occupied as his | 14 | | residence such
property or other qualifying property in the | 15 | | State for at least the last 3
years except for any periods | 16 | | during which the taxpayer may have temporarily
resided in a | 17 | | nursing or sheltered care home, and (d) specifying whether
the | 18 | | deferral is for all or a part of the taxes, and, if for a part, | 19 | | the amount
of deferral applied for. As to qualifying property | 20 | | not having a separate
assessed valuation, the taxpayer shall | 21 | | also file with the county collector a
written appraisal of the | 22 | | property prepared by a qualified real estate appraiser
together | 23 | | with a certificate signed by the appraiser stating that he has
| 24 | | personally examined the property and setting forth the value of | 25 | | the land and
the value of the buildings thereon occupied by the | 26 | | taxpayer as his residence.
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| 1 | | The collector shall grant the tax deferral provided such | 2 | | deferral does not
exceed funds available in the Senior Citizens | 3 | | Real Estate Deferred Tax
Revolving Fund and provided that the | 4 | | owner or owners of such real property have
entered into a tax | 5 | | deferral and recovery agreement with the collector on behalf
of | 6 | | the county or other unit of local government, which agreement | 7 | | expressly
states:
| 8 | | (1) That the total amount of taxes deferred under this Act, | 9 | | plus
interest, for the year for which a tax deferral is claimed | 10 | | as well
as for those previous years for which taxes are not | 11 | | delinquent and
for which such deferral has been claimed may not | 12 | | exceed 80%
of the taxpayer's equity interest in the property | 13 | | for which taxes are
to be deferred and that, if the total | 14 | | deferred taxes plus interest equals
80% of the taxpayer's | 15 | | equity interest in the property, the taxpayer shall
thereafter | 16 | | pay the annual interest due on such deferred taxes plus | 17 | | interest
so that total deferred taxes plus interest will not | 18 | | exceed such 80% of the
taxpayer's equity interest in the | 19 | | property. Effective as of the January 1, 2011 assessment year | 20 | | or tax year 2012 and thereafter, the total amount of any such | 21 | | deferral shall not exceed $5,000 per taxpayer in each tax year.
| 22 | | (2) That any real estate taxes deferred under this Act and | 23 | | any
interest accrued thereon at the rate of 6% per year are a | 24 | | lien on the real
estate and improvements thereon until paid. No | 25 | | sale or transfer of such
real property may be legally closed | 26 | | and recorded until the taxes
which would otherwise have been |
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| 1 | | due on the property, plus accrued
interest, have been paid | 2 | | unless the collector certifies in
writing that an arrangement | 3 | | for prompt payment of the amount due
has been made with his | 4 | | office. The same shall apply if the
property is to be made the | 5 | | subject of a contract of sale.
| 6 | | (3) That upon the death of the taxpayer claiming the | 7 | | deferral
the heirs-at-law, assignees or legatees shall have | 8 | | first
priority to the real property upon which taxes have been | 9 | | deferred
by paying in full the total taxes which would | 10 | | otherwise have been due,
plus interest. However, if such | 11 | | heir-at-law, assignee, or legatee
is a surviving spouse, the | 12 | | tax deferred status of the
property shall be continued during | 13 | | the life of that surviving spouse
if the spouse is 55 years of | 14 | | age or older within 6 months of the
date of death of the | 15 | | taxpayer and enters into a tax deferral and
recovery agreement | 16 | | before the time when deferred taxes become due
under this | 17 | | Section. Any additional taxes deferred, plus interest,
on the | 18 | | real property under a tax deferral and recovery agreement
| 19 | | signed by a surviving spouse shall be added to the taxes and | 20 | | interest
which would otherwise have been due, and the payment | 21 | | of which has been
postponed during the life of such surviving | 22 | | spouse, in determining
the 80% equity requirement provided by | 23 | | this Section.
| 24 | | (4) That if the taxes due, plus interest, are not paid by | 25 | | the heir-at-law,
assignee or legatee or if payment is not | 26 | | postponed during the life of a
surviving spouse, the deferred |
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| 1 | | taxes and interest shall be recovered from the
estate of the | 2 | | taxpayer within one year of the date of his death. In addition,
| 3 | | deferred real estate taxes and any interest accrued thereon are | 4 | | due within 90
days after any tax deferred property ceases to be | 5 | | qualifying property as
defined in Section 2.
| 6 | | If payment is not made when required by this Section, | 7 | | foreclosure proceedings
may be instituted under the Property | 8 | | Tax Code.
| 9 | | (5) That any joint owner has given written prior approval | 10 | | for such
agreement,
which written approval shall be made a part | 11 | | of such agreement.
| 12 | | (6) That a guardian for a person under legal disability | 13 | | appointed for a
taxpayer who otherwise qualifies under this Act | 14 | | may act for the taxpayer in
complying with this Act.
| 15 | | (7) That a taxpayer or his agent has provided to the | 16 | | satisfaction of the
collector, sufficient evidence that the | 17 | | qualifying property on which the taxes
are to be deferred is | 18 | | insured against fire or casualty loss for at least the
total | 19 | | amount of taxes which have been deferred.
| 20 | | If the taxes to be deferred are special assessments, the | 21 | | unit of local
government making the assessments shall forward a | 22 | | copy of the agreement
entered into pursuant to this Section and | 23 | | the bills for such assessments to
the county collector of the | 24 | | county in which the qualifying property is located.
| 25 | | (Source: P.A. 90-170, eff. 7-23-97; 91-357, eff. 7-29-99.)
| 26 | | Section 99. Effective date. This Act takes effect upon |
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| 1 | | becoming law.
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