Bill > HB2789

This bill amends the Property Tax Code to create a new category of property assessment called "mega project property" designed to incentivize large-scale business investments in Illinois. A mega project is defined as a project with a minimum investment of at least $500 million within a specified investment period. The bill provides an assessment freeze for qualifying projects, meaning the property's taxable value will remain at its base year valuation during the incentive period, effectively eliminating the added value from the project for tax assessment purposes. To be eligible, companies must enter into an incentive agreement with the local municipality, which includes provisions such as operating the project for a minimum of 20 years, paying a special annual payment, and meeting certain requirements like establishing a goal of awarding 20% of project contracts to minority-owned businesses. The local municipality will distribute these special payments to affected taxing districts proportionally. The bill aims to reduce barriers to investment by offering a more favorable tax assessment approach for complex, large-scale commercial and industrial projects, with the goal of promoting economic activity and development in underutilized properties across Illinois.

Budget and Finance

https://www.ilga.gov/legislation/BillStatus.asp?DocNum=2789&GAID=18&DocTypeID=HB&SessionID=114&GA=104