Bill > SB1350

This bill: Amends the Property Tax Code to create a new category called "mega projects" that can qualify for an assessment freeze and other incentives. A "mega project" is a project with at least $500 million in investment during a specified investment period. To qualify, the company must enter into an incentive agreement with the local municipality, establish a goal of awarding 20% of contracts to minority-owned businesses, and enter into a project labor agreement. The mega project property is eligible for an assessment freeze during the incentive period, and the local municipality and taxing districts may grant tax abatements. The bill also provides exemptions from the Use Tax Act, Service Use Tax Act, Service Occupation Tax Act, and Retailers' Occupation Tax Act for qualified tangible personal property used in the construction or operation of a mega project. The bill takes effect on June 1, 2023.

https://www.ilga.gov/legislation/BillStatus.asp?DocNum=1350&GAID=17&DocTypeID=SB&SessionID=112&GA=103