Bill > HB4058

This bill establishes a comprehensive framework for "megaprojects" in Illinois, providing significant tax and assessment incentives for large-scale economic development projects. Under the bill, a megaproject must involve a minimum investment of $100 million and create at least 100 new full-time jobs in the state. Companies with megaproject certification can receive a property tax assessment freeze, meaning their property will be valued at its base year valuation during the incentive period, which can last up to 23 years and potentially be extended to 40 years. To qualify, companies must enter into an incentive agreement with local municipalities and taxing districts, commit to a project labor agreement, and establish a goal of awarding 20% of project-related contracts to minority-owned businesses. The bill also provides tax exemptions on building materials used in megaproject construction and requires companies to make special annual payments to local taxing districts in addition to property taxes. Companies must maintain the minimum job creation and investment levels throughout the project, and failure to do so can result in termination of the incentive agreement. The legislation aims to attract significant economic development to Illinois by offering substantial financial incentives to large-scale projects, with provisions designed to ensure local community benefits and labor protections.

https://www.ilga.gov/legislation/BillStatus.asp?DocNum=4058&GAID=18&DocTypeID=HB&SessionID=114&GA=104