2023 Illinois Compiled Statutes › Chapter 35 - REVENUE › 35 ILCS 605/ - Illinois Central Railroad Tax Act.

(35 ILCS 605/0.01) (from Ch. 120, par. 372.90)
Sec. 0.01. 
		Short title. 
		This Act may be cited as the
Illinois Central Railroad Tax Act.
(Source: P.A. 86-1324.)
(35 ILCS 605/18) (from Ch. 120, par. 373)
Sec. 18. 
		
		In consideration of 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 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.)
(35 ILCS 605/22) (from Ch. 120, par. 374)
Sec. 22. 
		
		The lands selected under the act of congress entitled "An Act
granting the right of way, and making a grant of land to the states of
Illinois, Mississippi and Alabama, in aid of the construction of a railroad
from Chicago to Mobile", passed September 20, 1850, and authorized by this
Act to be conveyed shall be exempt from all taxation under the laws of this
state, until sold and conveyed by the Illinois Central Railroad Company or
the trustees designated in this Act. The stock, property and assets
belonging to the company shall be listed by the president, secretary or
other officer, with the Department of Revenue, and an annual tax for state
purposes shall be assessed, upon all the property and assets of every name,
kind and description belonging to that company. Whenever the taxes levied
for state purposes shall exceed 3/4 of 1% per year, such excess shall be
deducted from the gross proceeds or income required to be paid by the
company to the state, and the company is hereby exempted from all taxation
of every kind, except as herein provided for. The revenue arising from such
taxation, and the 5% of gross or total proceeds, receipts or income
aforesaid, shall be paid to the Department of Revenue and covered into the
general revenue fund in the state treasury and applied to the payment of
interest-paying state indebtedness until the extinction thereof. In case
the 5% provided to be paid into the state treasury and the state taxes to
be paid by the corporation do not amount to 7% of the gross or total
proceeds, receipts or income, however, then the company shall pay the
difference, so as to make the whole amount paid equal, at least, to 7% of
the gross receipts of the company.
(Source: P.A. 76-117.)