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SB1433 • 2026
PROP TX-RAILROAD
This bill passed both chambers and reached final enrollment, even if later executive action is not shown here.
Using official source text because the generated explanation was unavailable or could not be confirmed against the official bill text.
PROP TX-RAILROAD
Rule 3-9(a) / Re-referred to Assignments
Rule 2-10 Committee/3rd Reading Deadline Established As May 22, 2026
Rule 2-10 Committee/3rd Reading Deadline Established As May 15, 2026
Rule 2-10 Committee Deadline Established As April 24, 2026
Re-assigned to Revenue
Rule 3-9(a) / Re-referred to Assignments
Rule 2-10 Committee/3rd Reading Deadline Established As June 1, 2025
Rule 2-10 Committee/3rd Reading Deadline Established As May 23, 2025
Rule 2-10 Committee Deadline Established As May 9, 2025
Rule 2-10 Committee Deadline Established As April 11, 2025
Assigned to Revenue
Filed with Secretary by Sen. Laura M. Murphy
First Reading
Referred to Assignments
PROP TX-RAILROAD
Illinois General Assembly - Full Text of SB1433 Select Language × The Illinois General Assembly offers the Google Translate™ service for visitor convenience. In no way should it be considered accurate as to the translation of any content herein. Visitors of the Illinois General Assembly website are encouraged to use other translation services available on the internet. The English language version is always the official and authoritative version of this website. NOTE: To return to the original English language version, select the "Show Original" button on the Google Translate™ menu bar at the top of the window. 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Full Text of SB1433 Home Legislation Full Text SB1433 - 104th General Assembly Bill Status Full Text Votes Witness Slips Select Menu Bill Status Full Text Votes Witness Slips Printer Friendly Version Introduced Printer Friendly Version Introduced Open PDF 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 SB1433 LRB104 07673 HLH 17717 b 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 5. The Property Tax Code is amended by changing 5 Section 11-80 as follows: 6 (35 ILCS 200/11-80) 7 Sec. 11-80. Assessment procedure for railroad companies. 8 In assessing the taxable property of any railroad company, the 9 Department shall first determine 33 1/3% of the fair cash 10 value of all the property of any railroad company based on the 11 location of the property as a unit , but shall make due 12 allowance for any non-carrier real estate and all personalty. 13 The Department shall take into consideration the actual or 14 market value of the shares of stock outstanding, the actual or 15 market value of all bonds outstanding and all other 16 indebtedness as is applicable, for operating the road. In 17 determining the market value of the stock or indebtedness the 18 Department shall consider quotations for the 5 years preceding 19 the assessment date; the net earnings of the company during 20 the 5 calendar years preceding the assessment date; and such 21 other information as the Department may consider as bearing on 22 the fair cash value of the property. The valuation by the 23 Department shall include capital stock and all other property SB1433 - 2 - LRB104 07673 HLH 17717 b 1 of railroad companies, except non-carrier real estate. The 2 above facts shall not be conclusive upon the Department in 3 determining 33 1/3% of the fair cash value of the property of a 4 railroad company. 5 The Department shall determine the equalized assessed 6 value of the taxable property of every railroad company by 7 applying to its determination of 33 1/3% of the fair cash value 8 of the property an equalization factor equal to the statewide 9 average ratio of the equalized assessed value of locally 10 assessed property to 33 1/3% of the fair cash value of such 11 locally assessed property. 12 The Department shall assess the value of all operating 13 property acquired by a railroad company or its wholly-owned 14 subsidiary by trade with a municipality, which is situated in 15 a state contiguous to Illinois, at no greater value than the 16 value of the operating property traded to the municipality for 17 the property by the railroad company. The value shall be that 18 value established for the year immediately preceding the 19 calendar year of the trade. The assessment shall not increase, 20 but may decrease, during the 10 years following the calendar 21 year of the trade. 22 (Source: P.A. 86-173; 86-905; 86-1028; 88-455.) Footer Disclaimer This site is maintained for the Illinois General Assembly by the Legislative Information System, 705 Stratton Building, Springfield, Illinois 62706. Contact ILGA Webmaster ILGA.gov uses cookies to ensure you get the best experience on our website. By continuing to browse ILGA.gov you consent to our use of cookies. Read About Cookies ILGA.GOV 2026 ILGA.gov | All Rights Reserved | ADA | Disclaimers | Learn This site is maintained for the Illinois General Assembly by the Legislative Information System, 705 Stratton Building, Springfield, Illinois 62706. Contact ILGA Webmaster ILGA.gov uses cookies to ensure you get the best experience on our website. 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