Illinois HB 4703: RAILROAD MOD CREDIT

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104TH GENERAL ASSEMBLY 
State of Illinois 
2025 and 2026
HB4703

Introduced , by Rep. Dave Vella 

SYNOPSIS AS INTRODUCED:

New Act

35 ILCS 5/246 new

 Creates the Short Line Railroad Modernization Act. Creates an income tax credit for taxpayers that incur qualified railroad expenditures or qualified new rail infrastructure expenditures. Sets forth the amount of the credit and limitations on the amount of the credit that may be awarded. Amends the Illinois Income Tax Act to make conforming changes. Effective immediately.

LRB104 18237 HLH 31676 b

A BILL FOR

HB4703LRB104 18237 HLH 31676 b

1 AN ACT concerning revenue.

2 Be it enacted by the People of the State of Illinois, 

3represented in the General Assembly:

4 Section 1. Short title. This Act may be cited as the Short 

5Line Railroad Modernization Act.

6 Section 5. Definitions. As used in this Act:

7 "Credit" means the Short Line Railroad Infrastructure 

8Modernization Credit awarded under this Act.

9 "Department" means the Department of Commerce and Economic 

10Opportunity.

11 "Qualified applicant" means:

12 (1) a railroad company located in whole or in part in 

13 Illinois that is classified by the United States Surface 

14 Transportation Board as a Class II or Class III railroad 

15 and that makes qualified railroad expenditures; or

16 (2) an owner or lessee of a rail siding, industrial 

17 spur, or industry track that is located on or adjacent to 

18 any railroad in Illinois if the applicant makes qualified 

19 new rail infrastructure expenditures.

20 "Qualified new rail infrastructure" means:

21 (1) new track infrastructure such as industrial leads, 

22 switches, spurs, sidings, rail loading docks, and 

23 transloading structures;

HB4703- 2 -LRB104 1