IL HB2578

Extends the deadline for property tax exclusions related to high-speed passenger rail investments from December 31, 2019 to December 31, 2029.

Property valuation increases directly attributable to railroad investments in higher-speed passenger rail projects funded through state or federal programs remain excluded from property tax assessments through the extended date.

Requires railroad companies to report any potential valuation increases from qualifying rail improvements in their annual property schedules and information filings with the Department.

Applies to railroad operating property improvements made on or after January 1, 2010 through cooperative agreements designed to increase passenger rail service speed.