Illinois SB 1433: EPA-SMALL ENTITY-NON-COMPLIANT

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 Full Text of SB1433

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104TH GENERAL ASSEMBLY 
State of Illinois 
2025 and 2026
SB1433

Introduced 1/31/2025, by Sen. Laura M. Murphy 

SYNOPSIS AS INTRODUCED:

35 ILCS 200/11-80

 Amends the Property Tax Code. Provides that railroad property shall be assessed based on the location of the property (rather than as a unit).

LRB104 07673 HLH 17717 b

A BILL FOR

SB1433LRB104 07673 HLH 17717 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 5. The Property Tax Code is amended by changing 

5Section 11-80 as follows:

6 (35 ILCS 200/11-80)

7 Sec. 11-80. Assessment procedure for railroad companies. 

8In assessing the taxable property of any railroad company, the 

9Department shall first determine 33 1/3% of the fair cash 

10value of all the property of any railroad company based on the 

11location of the property as a unit, but shall make due 

12allowance for any non-carrier real estate and all personalty.

13 The Department shall take into consideration the actual or 

14market value of the shares of stock outstanding, the actual or 

15market value of all bonds outstanding and all other 

16indebtedness as is applicable, for operating the road. In 

17determining the market value of the stock or indebtedness the 

18Department shall consider quotations for the 5 years preceding 

19the assessment date; the net earnings of the company during 

20the 5 calendar years preceding the assessment date; and such 

21other information as the Department may consider as bearing on 

22the fair cash value of the property. The valuation by the 

23Department shall include capital stock and all other property 

SB1433- 2 -LRB104 07673 HLH 17717 b

1of railroad companies, except