Bill > HB5015

This bill amends the Property Tax Code to provide a new category of property assessment called "megaprojects". The key provisions are: This bill establishes a new "Megaproject Assessment Freeze and Payment Law" that allows certain large-scale business and industrial operations to receive an assessment freeze on their property during an "incentive period" of up to 40 years, if they meet minimum investment requirements and enter into an agreement with a local oversight board to make annual "special payments" to the local municipality and taxing districts in addition to regular property taxes. The bill defines a "megaproject" as a facility that meets a $250 million minimum investment threshold during an investment period. Companies must also enter a project labor agreement and meet minority business contracting goals to qualify. The oversight board and company negotiate the terms of the special payments, which must increase annually by the lesser of 5% or the Consumer Price Index. The special payments are distributed to the local taxing districts. The assessment freeze can be terminated if the company fails to maintain the minimum investment level. The bill also provides for tax exemptions on tangible personal property used in the construction or operation of a megaproject.