Bill Text: IL SB0524 | 2015-2016 | 99th General Assembly | Introduced

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

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Introduced - Dead) 2015-04-21 - Re-referred to Assignments [SB0524 Detail]

Download: Illinois-2015-SB0524-Introduced.html

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

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