Bill > HB3565

This bill establishes a "Mega Project Assessment Freeze and Payment Law" that provides significant tax incentives for large-scale businesses and industrial and commercial operations in Illinois. The key provisions of the bill are: - It allows the Department of Revenue to certify certain property as containing a "mega project" if the company makes at least $500 million in eligible investments within a specified investment period. - Mega project property is eligible for an assessment freeze, eliminating the value added by the project from consideration for assessment purposes during the incentive period. - Mega project property may be granted an abatement by any taxing district. - Companies operating a mega project must enter into an agreement with the local municipality to make special annual payments in addition to property taxes. - Qualified tangible personal property used in the construction or operation of a mega project is exempt from the Use Tax Act, Service Use Tax Act, Service Occupation Tax Act, and Retailers' Occupation Tax Act. - The bill establishes detailed definitions, requirements, and procedures related to mega projects, including provisions on transfers of interest, minimum investments, and distribution of special payments to taxing districts. The bill aims to incentivize significant capital investment and economic activity by providing tax relief and other benefits for "mega projects" that meet specified investment and other criteria.